CNN wants to cut costs by the end of the year, including laying off employees across the company, network chief Chris Licht announced Wednesday in an all-staff memo, less than six months after the president and CEO took control. took the first comprehensive step in reforming the news network since taking over. ,
“There is widespread concern over the global economic outlook, and we must incorporate that risk into our long-term planning,” Licht wrote in a memo obtained by TheWrap. “All this together would mean remarkable change in this organization.
“We aim to make most of these decisions by the end of the year so that we can start 2023 and be ready for the future.”
Licht in his infancy spent dramatic, targeted roles such as axing subscription-service CNN+ and splitting with anchors and journalists Brian Stelter and John Harwood, as well as ending his morning show with former prime-time host Don Lemon. Changes have been made. But the impending cut would be Licht’s first company-wide restructuring that, from the sound of it, could be painful.
“These changes will not be easy,” Licht wrote, “because they will affect people, budgets and projects.”
Licht sought to reassure employees that the cuts would “minimize the impact on our core news-gathering operations 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,” he continued. “When we end this process, CNN will still be the largest, most respected news gathering organization in the world. We will continue to cover any story, anywhere, anytime – with more resources than anyone else. Will keep. Full stop.”
However, Licht added: “When we emerge on the other side, CNN will be a stronger, more nimble organization, ready to grow whatever the global economy throws at us and in the future.”
