CNN Is Preparing To Layoff A Bunch Of Employees

CNN’s attempt to rebrand itself isn’t going very well. An insider revealed that the network is a planning to cut a huge swath of employees.

“I’ve learned that CNN, a key property in AT&T’s planned takeover of CNN’s parent company, Time Warner, is targeting big savings on the digital side, with as many as 50 jobs around the globe scheduled to be eliminated this week,” Joe Pompeo wrote for Vanity Fair.

“The cuts will affect employees who work in premium businesses including CNN Money, video, product, tech and social publishing…”

CNN wasted its time on a lot of pointless projects last year. It tried to position itself as a credible threat to Buzzfeed and Vice and failed. A lot of much-hyped projects were dropped within a few months.

“We’ve been transparent about our strategy,” Matt Dornic, a representative for CNN, said defensively.

“Not every new project has paid off so we will stop some activities in order to reallocate those resources and enable future experimentation. Organizations that do not make big bets and continuously evolve are the ones that fail.”

CNN acquired Beme, a company founded by YouTube superstar Casey Neistat, for $25 million last year only to shut it down a few weeks ago. Sources reveal that CNN’s revenues fell short of predictions by tens of millions of dollars.

The personnel cuts may seem minor, but it’s a sign that all is not well at the media giant.

In one way, CNN’s decision to abandon journalistic principles and devoting itself to fake news has worked out well. The network is more popular than ever since it started railing against President Trump. Liberals love anti-Trump stories so much that they don’t care if they’re true or not.

However, the extra support from liberals hasn’t paid off as well as they thought it would.

(Source: Vanity Fair)