- Warner Bros. Discovery, Inc WBD could downsize up to 30% or nearly 1,000 jobs in its global advertising sales team, Reuters reports.
- Warner offered members of its U.S. advertising sales team an option to leave the company voluntarily.
- The global advertising sales team has ~3,000 members.
- Also Read: Warner Bros. Discovery Registers 15% Revenue Growth In Q1 Backed By Advertising, Distribution Revenue
- Warner looked to save $3 billion in costs after a $43 billion merger between Discovery Inc and AT&T Inc's T Warner Media.
- After enjoying immense popularity during the pandemic, the streaming industry is battling subscriber loss following recovery coupled with surging inflation and lower consumer spending.
- Major companies resorted to job cuts ranging, citing macro uncertainties.
- Price Action: WBD shares traded higher by 2.07% at $14.27 in the premarket on the last check Wednesday.
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