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Warner Bros Discovery to Cut Up to 30% Workforce, Shares Gain

Published 06/15/2022, 01:37 AM
Updated 06/15/2022, 05:42 AM
© Reuters. Warner Bros Discovery (WBD) to Cut Up to 30% Workforce, Shares Gain
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By Senad Karaahmetovic

Shares of Warner Bros Discovery (NASDAQ:WBD) are up 2% in pre-market Wednesday on reports the company is prepared to slash up to 30% of its workforce.

The company is reportedly planning to let go of about 1,000 employees in its advertising unit and has already offered them a chance to leave the company.

It is believed that job cuts are connected to efforts to try to achieve $3 billion in cost savings after a $43 billion merger between Discovery and AT&T's (NYSE:T) Warner Media.

The news was first reported by The Information, just a few hours after Coinbase (NASDAQ:COIN) announced it will cut roughly 18% of its staff.

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