Warner Bros Discovery (WBD) to Cut Up to 30% Workforce, Shares Gain

Shares of Warner Bros Discovery (NYSE: WBD) are up 2% in pre-market Wednesday on reports the company is prepared to slash up to 30% of its workforce.

The company is reportedly planning to let go of about 1,000 employees in its advertising unit and has already offered them a chance to leave the company.

It is believed that job cuts are connected to efforts to try to achieve $3 billion in cost savings after a $43 billion merger between Discovery and AT&T’s (NYSE: T) Warner Media.

The news was first reported by The Information, just a few hours after Coinbase (NASDAQ: COIN) announced it will cut roughly 18% of its staff.

By Senad Karaahmetovic

You May Also Be Interested In

• ZenaTech raises Plurilock Security stake to 12% with new share purchase
• Truist Securities Reiterates Buy Rating on Kymera Therapeutics (KYMR) Following Sector Deal
• Cosmos Health unit secures 25M-unit manufacturing orderbook