After all, WarnerMedia is set to employ at least 800 Warner Bros. employees. and dismissing HBO as part of a restructuring plan by CEO Jason Kilar.
Variety, citing unidentified sources, reported that Warner Bros. as of Monday, it is expected to lay off 650 people, while HBO is expected to lose up to 175 employees.
The Hill reached out to WarnerMedia for comment.
Kilar, 49, said in a memo to staff last week that the restructuring is vital, adding that the changes are “not timid nor risk-free.”
“These changes, which are not yet enviable nor risk-free, are possible in part because we are missionaries who ultimately believe we can and will change the world through storytelling. That is where this everything comes back, “he wrote in the memo.
“I believe it is essential that we change the way we are organized, that we simplify and that we act boldly and with urgency,” Kilar added.
“I realize this is a lot to take in. And not one of us should expect the above changes to be easy. That said, we are successfully navigating a pandemic together and I know that, no matter how challenging the above changes may be, we will also navigate them successfully.While each of you takes some time to delve into the above, I hope you are more and more motivated by how, together, we boldly pursue the future and this historic opportunity that immediately for us lies .It is an honor to be with each of you on this team, “he concluded.
Almost all media companies have experienced layoffs, furloughs or restructuring due to tumbling advertising revenue since the coronavirus closed much of the country in March.
The news from WarnerMedia comes one month after AT&T CEO Randall Stephenson retired.
AT&T bought Time Warner in 2018 for $ 85 billion, making it one of the largest media companies in the world.
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