Thousands of jobs are on the line as AT&T’s WarnerMedia continue with their business restructuring to cope up with the drastic effects brought about by the Covid-19 pandemic. The entertainment giant is expecting to save cost by about 20% as a result of the massive job cuts in the coming weeks. Back in August, WarnerMedia had already laid off more than 600 workers from its businesses. According to their CEO, Jason Kilar, it’s not clear yet what division will be heavily affected by the ongoing workforce deductions.
Los Angeles Times: Substantial layoffs are coming to AT&T-owned entertainment giant WarnerMedia
Los Angeles Times reports that there are pending substantial layoffs as WarnerMedia continues restructuring its business amid the COVID-19 pandemic and accelerating changes sweeping the industry.
The New York-based entertainment giant is looking for cost savings that could result in thousands of lost jobs over the next few weeks, according to people familiar with the matter who were not authorized to comment publicly on the plans.
In a statement issued by WarnerMedia, it disclosed that “like the rest of the entertainment industry, we have not been immune to the significant impact of the pandemic. That includes an acceleration in shifting consumer behavior, especially in the way they are viewing content. We shared with our employees recently that the organization will be restructured to respond to those changes and prioritize growth opportunities, with emphasis on direct-to-consumer. We are in the midst of that process and it will involve increased investments in priority areas and, unfortunately, reductions in others.”
