Major Hollywood production companies lay off hundreds
Hollywood, like every major industry impacted by the novel coronavirus, is adapting to the changing economic conditions.
But for many production companies, 'adapting' means lay offs.
According to Variety, hundreds of employees at WarnerMedia were let go Monday as part of a company-wide restructuring..
Impacted staffers begun being informed about the cuts at roughly 10:30 a.m. PT. Approximately 650 people at Warner Bros. are expected to be let go, according to people familiar with the matter, while HBO will cut 150 and 175 staffers.
The widespread layoffs come in the wake of an overhaul at the media company’s top ranks initiated by Jason Kilar, who took over as WarnerMedia CEO in May.
One that saw the ouster of the top programming leaders at HBO Max, Robert Greenblatt and Kevin Reilly, as well as a move to consolidate WarnerMedia’s production operations into a single entity.
Warner Bros. chief Ann Sarnoff has been placed in charge of developing content for the new streaming service as well as the company’s big entertainment focused basic-cable networks: TNT, TBS and truTV. Andy Forssell, general manager of HBO Max, was put in charge of the new entity’s business operations.
The hope is that the changes will streamline the business and help with WarnerMedia’s new emphasis on HBO Max, its new streaming service and Netflix challenger.
Other media companies, including Disney and NBCUniversal, have enacted rounds of layoffs and furloughs as the public health crisis has sparked a recession, disrupted film and television production, and closed movie theaters.