Warner Bros Discovery is planning to slash up to 30 percent or nearly 1,000 jobs in its global advertising sales team, Reuters news report said.
The company on Tuesday started offering members of its U.S. advertising sales team an opportunity to voluntarily leave the company. The global advertising sales team has about 3,000 members.
Warner Bros Discovery CFO 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’s Warner Media.
Warner Bros Discovery posted net income of $456 million in Q1. Warner Bros Discovery has reported Q1 2022 revenue of $3,159 million (+13%) thanks to 5 percent increase in U.S. advertising revenue, 11 percent increase in distribution revenue, 5 percent increase in international advertising revenue and 4 percent in increase in distribution revenue.
