The employees of US-based Media Company CNN were informed that layoffs has started, international media reported on Thursday.
The move to remove the staff is reportedly expected to affect hundreds of staffers at the global news network and mark the deepest cuts to the organization in years.
As per a report by CNN Wire, Chris Licht, who took over as chief executive of the network in May, described the cuts in an all-staff memo as a “gut punch” to the organization and told employees that “it is incredibly hard to say goodbye to any one member of the CNN team, much less many.”
Employees at the company had been anxiously bracing for the layoffs since Licht informed them last month that “unsettling” changes lie ahead.
The report quoting Licht said that on Wednesday the company would notify a “limited number of individuals,” largely paid contributors, that they have been let go. He said the company “will notify impacted employees” on Thursday. Licht said at the conclusion of the cuts he will “follow up with more details.”
“It will be a difficult time for everyone,” Licht was quoted as saying by the news wire. However, the news company did not reveal the exact number of employees who would be impacted by the layoffs.
The layoffs come as media companies are being battered by brutal economic headwinds that have taken a bat to the advertising sector.
According to the report, Licht noted in October, when he signaled large cuts were coming, that there is “widespread concern over the global economic outlook” and that CNN “must factor that risk into [its] long-term planning.”
Pertinently, other media organizations have also cut costs as they work to best position themselves for the stormy economic climate.
Earlier, social media companies such as Facebook-parent Meta, which also rely on advertising revenue, also executed layoffs in recent months. Amazon and Microsoft were also in the list who announced the removing of the staff due to record losses.