CNN is allegedly in the beginning phases to lay off “hundreds” of employees. CNBC reported that the layoffs “won’t affect CNN’s most recognizable names, who are under contract,” according to sources.
Fox News Digital previously reported in November that CNN would face major layoffs by March and that its impact on the network would be “very meaningful.” One employee predicts “more shows will be streamlined and produced out of Atlanta” and that those impacted the most are the “expensive” shows being produced in New York City.
“I am overall very sad and deeply frustrated,” a longtime CNN staffer told Fox News Digital. “Feelings which are pervasive throughout the organization among those who have been here a long time and feel a deep personal connection to having helped build the organization.”
“It’s a time of a complete and utter business model overhaul and chaos. Extremely difficult even under the best circumstances,” the CNN staffer added.
“I am worried because the industry is obviously in trouble… I’m sure there will be cuts,” a second CNN staffer told Fox News Digital.
Additionally, the network is reshaping its weekday lineup, which will see Jim Acosta losing his 10 a.m. ET show and is in talks to move to a new role. Acosta’s program will be replaced by The Situation Room with Wolf Blitzer and Pamela Brown, with Blitzer moving over from his early-evening slot. Audie Cornish will also be getting her own morning show.
Fox Business reports that “CNN’s financial struggles were put under the spotlight last week after a jury found the network had defamed a Navy veteran and approved that he could seek punitive damages. The legal battle resulted in a settlement.”
During the legal battle, forensic economist Robert W. Johnson was hired to assess CNN’s finances. Johnson testified CNN was worth $4.4 billion in 2021 but dropped to $2.3 billion in 2023, according to provided tax documents from the network.
Johnson’s data also showed that CNN’s revenue dropped from $2.2 billion in 2021 to $1.8 billion in 2023. CNN’s net income over the same period dropped from $0.6 billion in 2021 to $0.4 billion in 2023.