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Warner Bros Discovery to cut nearly 1,000 ad sales jobs - source

Wednesday, June 15, 2022
Warner Bros Discovery to cut nearly 1,000 ad sales jobs - source © Reuters. The Warner Bros logo is seen during the annual MIPCOM television programme market in Cannes, France, October 14, 2019. REUTERS/Eric Gaillard

By Akash Sriram

(Reuters) -Warner Bros Discovery (NASDAQ:WBD) Inc is looking to cut up to 30% or nearly 1,000 jobs in its global advertising sales team, a person familiar with the matter told Reuters.

The company on Tuesday started offering members of its U.S. advertising sales team an opportunity to voluntarily leave the company, the source said, adding that the global advertising sales team has about 3,000 members.

The company's finance chief Gunnar Wiedenfels in April reaffirmed its goal of achieving $3 billion in cost savings after a $43 billion merger between Discovery Inc and AT&T (NYSE:T)'s Warner Media.

Wall Street has questioned the streaming industry's long-term prospects after a surge during the pandemic and analysts have cited rising inflation and lower consumer spending as potential threats to the industry.

Coinbase (NASDAQ:COIN) Global, Redfin (NASDAQ:RDFN) Corp and Compass Inc are among companies that announced layoffs on Tuesday.

The Information first reported the job cuts earlier on Tuesday.

The company's shares were down marginally in extended trading.

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03-07-2022 14:56:20 (UTC+7)

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 EUR/JPY140.98Neutral
 EUR/CHF1.0007↑ Sell
 Gold1,812.90↑ Buy
 Silver19.823↑ Buy
 Copper3.6138Neutral
 Crude Oil WTI108.46↑ Sell
 Brent Oil111.48↑ Sell
 Natural Gas5.620↑ Sell
 US Coffee C223.95↑ Sell
 Euro Stoxx 503,448.31↑ Buy
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