Warner Bros. Discovery (WBD) is bracing for another wave of layoffs, with sources telling Variety that nearly 1,000 employees will be affected. The cuts are expected to hit various departments, including finance, business affairs, production, and the company’s streaming platform, Max.
While the exact number of employees being let go from Max remains unclear, reports suggest it will be less than 10. The layoffs are reportedly part of WBD’s ongoing efforts to cut costs and achieve profitability.
This isn’t the first time WBD has resorted to layoffs. The company has been grappling with financial challenges since the merger between Discovery and WarnerMedia in April 2022. Thousands of employees have already been laid off in previous rounds of cuts.
The latest round of layoffs comes at a time when the streaming industry is facing increased competition and a challenging economy, including a downturn in ad revenue. WBD is not alone in its struggles, as other streaming services have also announced layoffs and cost-cutting measures in recent months.
The impact of these layoffs on WBD’s operations and its streaming service, Max, remains to be seen. However, it’s clear that the company is facing significant challenges as it tries to navigate the rapidly evolving media landscape. Companies like WBD are struggling to find a way to deal with the shift from cable TV to streaming.