WarnerMedia is reportedly set to lay off at least 800 staffers at Warner Bros. and HBO as part of a restructuring plan by CEO Jason Kilar.
Variety, citing unidentified sources, reported that Warner Bros. is expected to lay off 650 people beginning Monday, while HBO is expected to lose up to 175 staffers.
The Hill has reached out to WarnerMedia for comment.
Kilar, 49, said in a memo to staff last week that the restructuring is vital, adding that the changes are “neither timid nor without risk.”
“These changes, which are neither timid nor without risk, are possible in part because we are missionaries that ultimately believe we can and will change the world through story. That is what this all comes back to,” he wrote in the memo.
“I believe it is vital that we change how we are organized, that we simplify, and that we act boldly and with urgency,” Kilar added.
“I realize this is a lot to take in. And none of us should expect the above changes to be easy. That said, we are successfully navigating a pandemic together and I know that, however challenging the above changes may be, we will also successfully navigate them as well. As each of you take some time to digest the above, I hope that you become more and more energized by how, together, we are boldly leaning into the future and this historic opportunity that is right in front of us. It is an honor to be on this team with each of you,” he concluded.
Almost all media companies have experienced layoffs, furloughs or restructuring due to tumbling ad revenue since the coronavirus shut down much of the country in March.
The WarnerMedia news comes one month after AT&T CEO Randall Stephenson retired.
AT&T purchased Time Warner in 2018 for $85 billion, making it one of the largest media companies in the world.