Warner Bros. Discovery has begun a round of layoffs at its cable properties like CNN, TNT, and TBS, according to various reports.
The cuts are contained to the company’s cable television networks, of which it owns many. Its cable television assets include brands like HBO, HGTV, CNN, Discovery, TBS, TNT, Food Network, TLC, Animal Planet, Headline News, and Cartoon Network, among dozens of others.
The job cuts will reportedly be less than 100 total positions eliminated, but will be applied equally across its cable division.
Job cuts at Warner Bros. Discovery come on the heels of speculation that the company could potentially look to spin its cable assets off into a separate company, similar to what NBCUniversal is preparing to complete with its newly created Versant company.
Last month, CNBC reporter David Faber suggested that the move would be a likely one for the company for a variety of reasons.
“Most likely — or almost definitely — it’s the linear cable networks, and then you have the studio coupled with Max,” said Faber. “How would you go about doing that? Remember, internally — and we reported on this previously — they’ve already done all of the reapportioning necessary. And I would note as well, in their earnings report, for the first time, they break out every segment in its own financials. That is usually a tell, right?”
In December, WBD created a “global linear TV division” in its company, which is what is being impacted by the cuts. The company said it would create “strategic flexibility and create potential opportunities to unlock additional shareholder value,” as it announced the division’s launch.
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