As first reported by AdWeek, the anticipated layoffs happening at CNN are in motion. According to TVNewser, a memo was sent to staff sent on Wednesday. It is reported that CNN chairman and CEO Chris Licht wrote that the layoffs have now started. “He said the layoffs would initially focus on its paid contributors’ staff and then shift to full-time CNN staff on Thursday.
According to the AdWeek article, Axios reported: “A source familiar with the cuts said that “a couple hundred” people in total will be impacted.”
Adweek reported that Licht said “impacted employees will learn more through an in-person meeting or via Zoom, depending on the employee’s location and receive information about notice period or any severance that would apply. All employees who are bonus eligible will still receive their 2022 bonuses, Licht said.” (The Hill)
Ugh. Terrible feeling, but perhaps better that the Twitter layoffs led by Elon Musk that came by algorithm.
Adweek noted that “contributors are not employees but are under contract to serve as talking heads or experts appearing exclusively on the network.” Adweek backed that with reporting from LA Times and Company Town “Most are kept on an annual retainer and are paid in the low six figures. Bigger names earn as much as $500,000 a year.“
Wishing everyone well who either lost a job or a contract.