CNN is reportedly planning to lay off hundreds of employees. This comes as the cable news networks plans to reorganize and refocus amid declining ratings.
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According to CNBC, the network is making cuts to help lower production costs. It's planning to merge together several teams to consolidate its staff. There's a plan to move production from more expensive cities like New York and Washington to Atlanta. It's cheaper to do production there. What this means for New York-based Anderson Cooper remains to be seen.
Right now, the company employs 3,500 people. It's looking to shave hundreds of positions, according to sources.
The news comes after CNN CEO Mark Thompson revealed Warner Bros injected more than $70 million into the network. Despite the cuts to the network, CNN is reportedly looking to grow and hire staff in areas it sees as having potential for profit and growth.
Layoffs At CNN
The news comes several months after insiders at the company weighed in on their future at the network. Insiders mentioned worries among staff about layoffs.
"We know that the numbers have been going down a lot, and the tensions have been very high for long months now, as we are getting many signs that people are gonna be fired and axed very soon," a journalist on the network told the U.S Sun.
They added, "We have been talking a lot lately, and the result of the elections, as we haven't had great numbers, is pretty much putting the last nail in the coffin for many workers. Some of us have already been approached by some media outlets, like Al Jazeera or even Fox News, and some platforms in the USA and abroad."
The same insiders mentioned that it would be easier for some of the network's bigger stars to rebound versus production workers.
They also said, "From the journalists and the production workers, everyone is scared. And trying to see what could happen next, to anticipate the inevitable. It's a sinking ship. And we know many of us will be out of here in the next few weeks or months."
