This move comes as part of an effort to salvage the network's faltering reputation, according to a recent report from Puck.
As reported by Puck, the network is planning extensive layoffs in the coming months. This news follows the departure of veteran Chris Wallace and reports that senior stars such as Wolf Blitzer and Jake Tapper have been denied pay raises. However, the report did not specify who might be targeted in these layoffs. Among the network's highest earners are Anderson Cooper, who earns $20 million annually, Erin Burnett, who earns $6 million, and rising star Kaitlan Collins, who earns $3 million.
"In the next few months, I’m told, CNN will implement another round of layoffs that will impact hundreds of employees across the organization," wrote Dylan Byers, a reporter who previously worked at CNN for three years before founding Puck. He added that these layoffs are likely to affect the production side of the network, resulting in reporters and correspondents having to take on additional responsibilities.
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Byers further explained, "Redundant assignments will be nixed, and various divisions will be reduced or even eliminated. Some of the on-air talent are also likely to be affected." According to sources, these layoffs are part of a broader strategy to prioritize the network's digital platforms, a plan spearheaded by new CEO Mark Thompson.
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Thompson, the former New York Times boss, was brought in to revamp the network under its Warner Bros. Discovery parent. Since his arrival, ratings have dropped by more than 20 percent. Under his predecessor, Chris Licht, the network went from being the most-watched cable news network on election nights to one of the least watched. In 2016, under the leadership of Jeff Zucker, CNN was the most-watched network overall, a title now held by Fox News.
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The network's struggles were further highlighted on election day, a day that would have previously seen CNN secure a decisive ratings victory. However, following the Trump presidency and a term from the Biden Administration, it lost to MSNBC in terms of ratings, drawing in only 5.1 million viewers compared to MSNBC's 6 million and Fox News' 10.3 million.
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In response to these challenges, CNN plans to create new positions that align with Thompson’s digital-first vision, according to unnamed insiders. Despite the potential for a net gain of employees, the insiders warned that hundreds of others could lose their jobs, creating a climate of "stress and high anxiety" at the network's Manhattan office.
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The layoffs are expected to take place within the next few months, although no further details were provided. The impact on high-earning figures such as Cooper and Burnett remains uncertain. It was recently revealed that longtime host Chris Wallace's $8.5 million-a-year contract would not be renewed. Wallace confirmed this in an interview with the Daily Beast, stating, "This is the first time in 55 years I‘ve been between jobs. I am actually excited and liberated by that."
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Earlier, The Ankler reported that Tapper and Blitzer were denied raises, and that officials were considering a pay cut for Wallace. The newsletter also revealed that Tapper was resigned to a three-year contract, maintaining his annual salary of $7 million. As CNN navigates this period of transition and restructuring, the future of its high-earning staff remains to be seen.
