In Efforts To Trim Costs, HBO Cuts 14% Of Its Workforce: Report - Warner Bros. Discovery (NASDAQ:WBD)

As a part of a broader overhaul at Warner Bros. Discovery Inc WBD, HBO is laying off about 14% of its workforce, Wall Street Journal reported citing people familiar with the matter.
The people said that most of the 70 job cuts would happen at HBO Max, the company's direct-to-consumer streaming service launched in 2020.
According to the report, the HBO Max units in charge of reality shows and documentaries will be affected, and the one responsible for family entertainment.
HBO Max's casting unit will be dissolved, and the team in charge of buying old content for the service will be significantly reduced, WSJ mentioned.
Earlier this month, CEO David Zaslav's team decided to pull the plug on the nearly completed superhero movie "Batgirl," which was made exclusively for HBO Max. The company also stopped the animated HBO Max original movie "Scoob! Holiday Haunt."
Warner Bros. Discovery is also working to combine HBO Max and Discovery+, and the new, combined subscription platform will be rolled out next year.
As per an earlier WSJ report, with about $53 billion in debt, the company promised investors to find $3 billion in cost savings.
Price Action: WBD shares are up 0.46% at $13.18 during the premarket session on the last check Tuesday.
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