Report: CNN to Lay Off up to 50 Employees After Missing Revenue Targets
12 Feb 2018
Joe Pompeo writes at Vanity Fair that CNN, led by its president Jeff Zucker, will soon lay off dozens of employees — mostly from “several high-profile digital initiatives” — after the left-wing news network failed to reach revenue targets.
From Vanity Fair:
[D]espite the so-called Trump Bump, CNN appears to be re-thinking at least some elements of its digital strategy. I’ve learned that CNN, a key property in AT&T’s planned takeover of CNN’s parent company, Time Warner, is targeting big savings on the digital side, with as many as 50 jobs around the globe scheduled to be eliminated this week, according to people familiar with the matter, who noted the exact number could still be in flux.
The cuts will affect employees who work in premium businesses including CNN Money, video, product, tech and social publishing, these people said. Several high profile digital initiatives are being scaled back, including CNN’s virtual reality productions and its efforts on Snapchat, where CNN recently nixed a live daily webcast after just four months. CNN’s business-oriented MoneyStream app, as BuzzFeed reported earlier this month, is in the gutter as well. A team that works on the digital extensions of documentary-style TV shows, such as Anthony Bourdain’s Parts Unknown and Lisa Ling’s This is Life, as well as the Brooke Baldwin series American Woman, is also being reorganized.
Read More HERE
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