News
Warner Bros. Discovery Cuts: CBS News Radio Shuts Down
CBS News Radio is being shut down as part of cost-cutting measures at Warner Bros. Discovery (WBD). Layoffs are expected to impact approximately 6% of CBS News, around 70 employees.
Warner Bros. Discovery and Paramount Skydance are moving forward with a deal that has not yet cleared all regulatory hurdles. As part of ongoing cuts within Paramount, CBS News Radio is ceasing operations. Warner Bros. Discovery is reportedly working to retain as many employees as possible. The move comes after reports in October of approximately 100 job cuts. Paramount Skydance is reportedly seeking $3 billion in cost savings from the deal. Warner Bros. Discovery shares were down fractionally on Friday.
Key Facts
- CBS News Radio is being shut down as part of cost-cutting measures at Warner Bros. Discovery.
- The deal between Warner Bros. Discovery and Paramount Skydance has not yet received full regulatory approval.
- Approximately 70 CBS News employees, representing about 6% of the workforce, are expected to be laid off.
- Paramount Skydance aims to achieve $3 billion in cost savings through the deal.
- Reports from October indicated that 100 positions were previously slated for elimination.
- Warner Bros. Discovery is reportedly trying to keep as many employees as possible.
- Warner Bros. Discovery shares experienced a slight decrease in trading on Friday.
Primary Source
Research Sources
- Markets Insider — Consolidation Processes Starting at Warner Bros. Discovery (NASDAQ:WBD), CBS News Radio to Shut Down