Thousands of layoffs are expected at AT&T’s WarnerMedia as the company prepares to restructure its workforce to cut operating costs by as much as 20 percent, according to the Wall Street Journal, which cited people familiar with the matter.The wave of job cuts is expected to begin in the coming weeks, the report said, and will affect Warner Bros. studios in Burbank as well as cable television channels HBO, TBS and TNT.“Like the rest of the entertainment industry, we have not been immune to the significant impact of the pandemic,” WarnerMedia said in a statement. “We shared with our employees recently that the organization will be restructured to respond to those changes and prioritize growth opportunities, with emphasis on direct-to-consumer.
We are in the midst of that process and it will involve increased investments in priority areas and, unfortunately, reductions in others.”WarnerMedia in August cut about 650 Warner Bros. jobs including Chief Financial Officer Kim Williams and Worldwide Television Distribution President Jeffrey Schlesinger.Warner Bros.’ movie business has been crushed by the pandemic, with its only blockbuster release of the summer, Christopher Nolan’s action thriller “Tenet,” netting just $45 million at the domestic box office. The release dates of other titles including “Wonder Woman 1984,” “Dune” and “The Batman” have been postponed.
More Layoffs Coming at Warner Bros.
