Licht, who has been in charge of the far-left network for just six months, gave a grim warning on the economy, insinuating that CNN could no longer afford to continue on the path it’s on.
Licht said that there is “widespread concern over the global economic outlook” and that “we must factor that risk into our long-term planning.”
Last week, CNN only averaged 512,000 primetime total viewers, compared to Fox News having over two million viewers.
This comes just hours after CNBC’s Alex Sherman published an in-depth look into the future of CNN.
“Lich faces many challenges at CNN, the business is shrinking,” Sherman said, adding “Licht has been given a mandate from Warner Bros. to transform CNN, which the network boss is internally referring to as a “right-sizing” of the business. Many of Licht’s job cuts are still to come this year, according to people familiar with the matter.”
According to the report, CNN’s profit dropped well below $1 billion for the first time since 2016, adding that more than a thousand people will be laid off before the end of the year.
However, Licht is optimistic that the propaganda network will make it through its rough patch.
“When we emerge on the other side, CNN will be a stronger, more nimble organization… ready to weather whatever the global economy throws at us and to grow into the future,” Licht said.
The network has already started getting rid of personalities and making big changes. Brian Stelter was fired, top executives have been fired, and now the cable news station is about to face massive layoffs.