Warner Bros. Discovery is planning to lay off somewhere under 1,000 employees, according to reports and a person familiar with the matter, the latest cuts for the media company after its formation more than two years ago.
Shares of Warner Bros Discovery rose more than 6% on Tuesday after Bank of America (BofA) Global Research said the company could create more value for its shareholders if it explored strategic options, including a potential sale.
In the latest trading session, Warner Bros. Discovery (WBD) closed at $7.32, marking a -0.27% move from the previous day.
CNN is reportedly cutting about 100 jobs as it prepares its new CNN.com subscription product. That's according to a Wednesday (July 10) report by The Wall Street Journal (WSJ), which notes the move comes as the company is looking to become less reliant on its TV channel.
News outlet CNN will cut about 100 jobs as part of a plan to consolidate news operations and bolster its digital business, according to an internal memo seen by Reuters on Wednesday.
CNN is planning to cut about 100 jobs and launch its first subscription product later this year as it seeks to reduce its dependence on its cable-TV channel, the Wall Street Journal reported Wednesday, citing CEO Mark Thompson. The executive told the paper in an interview that the cuts would happen across the company, which has more than 3,500 employees.
Warner Bros. Discovery (WBD) is set to release a three-part documentary series, TEEN TORTURE, which is going to debut on Jul 11.
Warner Bros. Discovery (WBD) concluded the recent trading session at $7.25, signifying a +0.14% move from its prior day's close.
Zacks.com users have recently been watching Warner Bros. Discovery (WBD) quite a bit.
The latest trading day saw Warner Bros. Discovery (WBD) settling at $7.04, representing a +0.72% change from its previous close.
Warner Bros. Discovery, Inc. WBD is grappling with a significant decline, trading near its 52-week low of $6.94, which it reached on June 20.
24/7 Insights Warner Bros. Discovery Inc. (NASDAQ: WBD) stock has tumbled in the past year.