WarnerMedia To Layoff Thousands More, Eyes 20% Overall Cost Reduction

The ongoing COVID-19 pandemic has hurt many people in a bunch of different ways, and there is no denying the impact it is having on our day to day lives. The entertainment industry has been hurt in many different ways, with people not being able to go out and see movies to said TV and movie productions being unable to do actually shoot said films or TV shows. Things have only just started to get back to working order after months of being at a standstill, and even then, there will be hiccups along the way that is just going to eat into costs. It's been a lousy year, and back in August, WarnerMedia laid off 800+ people in a restructuring, and now in October, according to the Wall Street Journal, we're looking at more. Not only are we looking at more, we're looking at a lot more. According to reports, WarnerMedia is looking to cut costs up to 20% across the board, which could mean thousands of people are about to lose their jobs.

"Like the rest of the entertainment industry, we have not been immune to the significant impact of the pandemic," the company said in a statement. "That includes an acceleration in shifting consumer behavior, especially in the way content is being viewed. We shared with our employees recently that the organization will be restructured to respond to those changes and prioritize growth opportunities, with an 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."

WarnerMedia To Layoff Thousands More, Eyes 20% Overall Cost Reduction
The famous water tower of Warner Brothers in Burbank. Warner Bros is an American entertainment company. Editorial credit: Tero Vesalainen / Shutterstock.com

At the moment, WarnerMedia is not providing exact numbers when it comes to how many people are about to lose their jobs, and there don't appear to be any specifics about who is going to be laid off, but we're likely going to be finding out in the coming days. Unlike the previous round of layoffs, this most recent one seems like it isn't going to be focused on one specific location of the company but across the board, but that hasn't been confirmed. However, the Wall Street Journal did say that the layoffs will be "across Warner Bros. studios and TV channels like HBO, TBS, and TNT."

We'd like to extend our condolences to the many people at WarnerMedia who are about to lose their jobs in the midst of a pandemic and mere months away from the holidays. Wear your mask, people so that we can fight back against this stupid virus, so no one else has to lose their job.

 

About Kaitlyn Booth

Kaitlyn is the Editor-in-Chief at Bleeding Cool. She loves movies, television, and comics. She's a member of the UFCA and the GALECA. Feminist. Writer. Nerd. Follow her on twitter @katiesmovies and @safaiagem on instagram. She's also a co-host at The Nerd Dome Podcast. Listen to it at http://www.nerddomepodcast.com

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