CNN Chairman and CEO Chris Licht on Wednesday warned staffers that there would be “noticeable change” to the network that will affect employees, budgets and projects.
In a memo, Licht wrote, “There is widespread concern over the global economic outlook, and we must factor that risk into our long-term planning. All this together will mean noticeable change to this organization. That, by definition, is unsettling. These changes will not be easy because they will affect people, budgets, and projects.
“We will be strategic in this process and will minimize the impact on our core newsgathering operation and Digital, both of which have already executed smart changes. Let me be clear: I will not allow these changes to affect our position as the world’s leading news source, and we will continue to invest in growth areas. When we conclude this process, CNN will still be the largest, most-respected newsgathering organization in the world. We will continue to cover any story, anywhere, any time–with
more resources than anyone else. Full stop.”
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His note comes as parent company Warner Bros. Discovery said in a filing that it expected to incur up to $1.1 billion in organization restructuring costs, including “severance, retention, relocation, and other related costs.”
Licht wrote in the memo that the aim “is to have most of these decisions made by the end of the year so we can start 2023 feeling settled and prepared for the future.”
He noted that CNN already restructured its digital team and “are investing significantly in the product.” He also noted changes to its morning and primetime lineups. Those changes — which include a revitalized morning program set to debut next month, as well as Jake Tapper’s move, through the midterms, to primetime — so far do not involve any pricey outside talent hires.
“We have also begun to reduce or eliminate areas that aren’t core to our mission,” he wrote. “All these moves are designed to keep CNN essential across platforms to ensure that wherever and however people get their news, they must have CNN.”
Licht has been conducting a business review of CNN since he started in the job in May, meeting with senior staff “to identify areas where we should make changes, investments, and reductions to match out future priorities.” He indicated that the changes would “accelerate” over the next several weeks.
According to The New York Times, projections from S&P Global Market Intelligence show that CNN’s profits are on pace to fall to almost $957 billion this year, after a period where the annual net income topped $1 billion.
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