AT&T’s WarnerMedia to layoff thousands of employees at Warner Bros. as part of restructuring

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AT&T Inc.’s WarnerMedia subsidiary is preparing a restructuring aimed at cutting costs by as much as 20%, resulting thousands of employees losing their jobs, according to a report in The Wall Street Journal. Citing people familiar with the matter, the report said the restructuring, which is expected to begin in the coming weeks, comes as earnings from movie tickets, cable subscriptions and TV ads have taken a hit from the COVID-19 pandemic. The layoffs will affect AT&T’s Warner Bros. studios, as well as TV channels such as HBO, TBS and TNT, the report said. The layoffs are in addition to the more than 500 jobs WarnerMedia eliminated at Warner Bros. in August. AT&T’s stock rose 1.0% in afternoon trading. It has shed 26.9% year to date, while the SPDR Communications Services Select Sector ETF has rallied 11.8% and the S&P 500 has gained 6.6%.
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