CNN's morale is reportedly "really grim" as the company faces uncertainty with yet another corporate restructuring by its parent company, Warner Bros. Discovery, FOX News reports.
“I’d say the mood remains really grim,” one CNN staffer told the network's website.
Warner Bros. Discovery announced it was splitting its studios and streaming businesses into a separate company from its cable networks, which includes CNN, among others. The company comprised of the cable networks, which has tentatively been named Global Networks, will be led by WBD CFO Gunnar Wiedenfels, with the split expected to be completed next year.
“We knew this was happening,” the CNN staffer said. “And it was required to be able to sell the company. People are hoping CNN will be sold — and as Gunnar said, there is no limit, any sale can be made at any time — to a buyer who will invest in it. That’s the bottom line.”
Global Networks is reportedly expected to retain a 20% stake in the studio and streaming business, however, will take on the majority of Warner Bros. Discovery's massive debt.
“I think they’ve telegraphed clearly that more cuts are coming. Gunnar ‘efficiency,'” the CNN staffer told FOX News. “And we don’t have streaming yet so — it’s hard to imagine it doesn’t get worse.”
CNN is already scheduled to launch a new streaming service this fall.
“His remit is not to grow stuff. This company is a cash-flow giant with shrinking revenue. Like that’s the deal. It’s merely a matter of how fast it shrinks. That’s why the assets were split,” the source added.