AT&T is planning thousands of layoffs at HBO, Warner Bros., and other parts of WarnerMedia as part of a plan to cut costs by up to 20 percent, The Wall Street Journal reported yesterday.
WarnerMedia is what used to be called Time Warner Inc. before AT&T purchased the entertainment company in 2018. Layoffs and cost cuts are nothing new at AT&T in general, including at WarnerMedia. But WarnerMedia has taken a particularly big hit since the pandemic began. AT&T laid off about 600 people from WarnerMedia in August, a prelude to the new cuts revealed yesterday. The Journal wrote:
AT&T’s WarnerMedia is restructuring its workforce as it seeks to reduce costs by as much as 20 percent as the coronavirus pandemic drains income from movie tickets, cable subscriptions and television ads, according to people familiar