• Warner Bros. Discovery, Inc (NASDAQ: WBD) owned CNN informed hundreds of employees about layoffs as part of CEO Chris Licht's efforts to transform the cable news network.

• The layoffs affected hundreds of staffers but amounted to a "single-digit percentage" of staff, CNBC reports.

• CNN had about 4,400 employees. That would mean it downsized no more than about 400 staffers.

• Also Read: Bob Iger's Restructuring Plan Will Accrue Impairment Charges, Disney Cautions

• Licht sent a memo to all staffers after delivering the news to employees, which included long-time HLN anchor Robin Meade and reporter Chris Cillizza.

• Licht wrote he would hold a town hall next week to answer any questions.

• Licht's cuts are part of a broader effort at Warner Bros. Discovery to cut costs heading into 2023.

• In April, Warner Bros. Discovery suspended every external marketing spending for its recently launched streaming service CNN+ and laid off CNN's CFO Brad Ferrer.

• Discovery's current CFO for streaming and international, Neil Chugani, succeeded Ferrer.

• Warner Bros. Discovery looked to eliminate other high-level positions at WarnerMedia across different business functions to cut costs and streamline leadership.

• CNN's news streaming service failed to attract viewers questioning the future of alone news streaming services when entertainment-first options dominated the landscape.

• Price Action: WBD shares traded lower by 0.09% at $11.62 in the premarket on the last check Friday.

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