Warner Bros Discovery to Cut Up to 30% Workforce, Shares Gain

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Shares of Warner Bros Discovery (NASDAQ:WBD) are up 2% in pre-market Wednesday on reports the company is prepared to slash up to 30% of its workforce.

The company is reportedly planning to let go of about 1,000 employees in its advertising unit and has already offered them a chance to leave the company.

It is believed that job cuts are connected to efforts to try to achieve $3 billion in cost savings after a $43 billion merger between Discovery and AT&T’s (NYSE:T) Warner Media.

The news was first reported by The Information, just a few hours after Coinbase (NASDAQ:COIN) announced it will cut roughly 18% of its staff.