Latest news with #GunnarWiedenfels
Daily Mail
01-07-2025
- Business
- Daily Mail
Media expert reveals the huge CNN star whose job is at risk...and colleague who's likely safe
A media insider has named the huge CNN star whose job could now be on the line, as well as who is most likely to be spared as the network barrels toward another brutal round of cost-cutting. Veteran media reporter Dylan Byers sounded the alarm in Puck that Anderson Cooper, the face of CNN for more than two decades and one of its highest-paid anchors could be on the chopping block. Byers, who has covered the network from its Jeff Zucker glory days through its Mark Thompson malaise, says Cooper's massive $18 million annual paycheck will make him a prime target as incoming CNN overseer Gunnar Wiedenfels prepares to transform the network into a lean, cheaper, less-ambitious operation. The slimmed down operation will no longer be able to support million-dollar salaries, extensive international bureaus, or flashy special-event coverage. But there is one bright spot with Byers predicting that anchor Erin Burnett, another big name but with a somewhat lower salary of $3 million, is likely safe for now. Byers' thinking is that CNN will try to keep a few familiar faces on the air while ripping up its business model. 'There will be a transitional period where CNN will hold on to a few bold-faced names through their contracts,' Byers explained. 'My guess is Erin falls into that camp.' The revelations have sent tremors through CNN's embattled ranks, where fears of more layoffs, pay cuts, and even an outright sale are now gripping staff from its New York studios to its Atlanta headquarters. Anderson Cooper , the face of CNN for more than two decades and one of its highest-paid anchors, could soon be forced out as new corporate bosses slash salaries and gut budgets according to Byers 'CNN will begin to look more like HLN: smaller salaries, smaller budgets, less ambitious programming,' Byers revealed in an insightful new analysis. Byers suggests the days of eight-figure paychecks and globe-trotting correspondents are drawing to a dramatic close. Cooper's sudden move to sign with powerhouse agency CAA has only fueled speculation that he is preparing to jump before being pushed, after more than two decades as CNN's star anchor. Byers hinted that Cooper, tired of sagging ratings, growing internal turmoil, and a shrinking audience, may be eyeing a graceful exit rather than wait for Wiedenfels to wield the axe. Inside CNN's embattled halls, the atmosphere is toxic with dread. One staffer described it to Fox News as 'grim,' while others confessed they no longer trust leadership after endless layoffs, deepening revenue declines, and an uncertain future. The brutal shake-up comes as Warner Bros. Discovery finalizes plans to spin off CNN into a new division stuffed with other cable properties including HGTV, TBS, TNT, and the Food Network. Sources inside the network have taken to calling it the 'Sh*t Co.' fearing their days of luxury expense accounts and lavish perks are gone for good. As Wiedenfels, the no-nonsense former CFO, prepares to take the helm of the spin-off, he has already signaled that no one is guaranteed safety. The revelations have sent tremors through CNN's embattled ranks from its New York studios to its Atlanta headquarters CNN's top stars, costly correspondents, and even entire bureaus are all under review as WBD's corporate bosses try to wring profitability from a dying cable ecosystem. 'Anchors raking in millions of dollars per year have targets on their backs,' one insider told Status. In a staff memo titled 'Excitement for the Future,' Wiedenfels promised to preserve CNN's editorial independence while essentially gutting its cost structure and making it clear that major cuts are non-negotiable. 'Anchors raking in millions of dollars per year have targets on their backs,' one insider told Status. 'He killed it,' one longtime staffer said about WBD CEO David Zaslav, who orchestrated the split. 'The last few years under Zas has been a disaster.' Analysts remain deeply skeptical, worried that CNN's streaming efforts, even with a $100 million infusion and some CNN+ veterans returning, are too little, too late. CNN and new boss Gunnar Wiedenfels are set to unleash a flurry of cost-cutting measures while enforcing new rules to curb staffers' lavish spending Byers, for his part, sees no miraculous comeback. 'Sure, CNN remains a powerful global brand,' he wrote, 'but t he decline of its core linear business has accelerated rapidly.' Meanwhile, nervous employees are left clinging to the only certainties they have: ever-tighter expense policies, mandatory receipts for every meal, and the knowledge that their once-mighty brand is under siege. Wiedenfels warned staffers that there was no limit to a possible sale. Any buyer with cash could snap up CNN at any moment, further ratcheting up the chaos. 'People are hoping CNN will be sold,' a staffer told Fox News bluntly, echoing a sense of resignation spreading through the network's offices.
Daily Mail
20-06-2025
- Business
- Daily Mail
CNN cracks down on outrageous employee perk as pampered staff face salary cuts
CNN is set to unleash a flurry of cost-cutting measures while enforcing new rules to curb staffers' lavish spending. Starting July 1, employees will need to submit receipts with their expense reports for things like travel and source meetings, Status reported. The edict comes as beleaguered staff continue to reel from last week's news that the network will be cast off to an entirely different company with the rest of Warner Bros. Discovery's declining cable assets. Employees are also set to face salary cuts amid rumors of a possible sale of CNN. More than half a dozen staff members told Status that anxiety is rife at the network. The incoming CEO of the soon-to-be spin-off, Gunnar Wiedenfels, is fueling the unease. Anchors raking in seven- and eight figures have targets on their back thanks to competition matching and surpassing ratings at a fraction of the cost, Status reported. Correspondents who collect hundreds of thousands of dollars annually are also set to see their salaries trimmed. Status pointed out how many go days - and sometimes weeks - without appearing on air. Many are not being required to file digital stories. Foreign bureaus that cost a great deal to maintain could also be cut. Staff who survived the cuts imposed by Warner Bros' Discovery CEO David Zaslav predicted even more bitter times ahead. Staffers reacted nervously to being relegated to what's being billed as the 'Sh*t Co.' wing of WBD, a television giant once known for its perks. 'Everyone is wary and tired and there is so much change that we don't understand what direction the company is going in,' one 'prominent network journalist' told Status. The 'rank and file are nervous like the pre-cuts time' and have 'no confidence and no trust' in leadership, added another. 'There are people who think CNN won't exist at some point, ' a third admitted. 'Hard to believe that will happen, but there are people who feel that way.' Their unease comes as WBD CFO Wiedenfels, 47, sent out a staff memo with the subject line 'Excitement for the Future,' in which he talked up CNN and pledged his 'full support' to the network, Status reported. Wiedenfels also vowed CNN would 'continue to operate with full editorial independence. ' Last week, WBD revealed that the new spin-off, Global Networks, would be led by Wiedenfels. He and Zaslav have invested $100 million in CNN's future as a streaming product, including the re-hiring of several of the original executives laid off from CNN+, its first failed streaming venture. In his memo to staffers, Wiedenfels said those investments remain 'a critical priority.' Wiedenfels and Zaslav have managed to strip some $21 billion of the entertainment company's once $55 billion debt after years of outsized spending. The media giant recently disclosed that nearly 60 percent of its shareholders voted to reject the pay packages for Zaslav and Wiedenfels, and after Zaslav saw his compensation swell by nearly five percent from 2023 to 2024. Shareholders were reportedly not satisfied with the conglomerate's share price, which was down 7 percent year to date at the time. As of Friday morning, shares were 1 percent higher than they were a year ago, after a noticeable surge since the split announcement. The announcement revealed Warner Bros. Pictures, HBO, and Max will stay with WBD and are expected to fuel growth. CNN, HGTV, TBS, TNT, the Food Network and other struggling cable channels will go to the new company. Meanwhile, CNN mainstays like Anderson Cooper and Jake Tapper
Daily Mail
18-06-2025
- Business
- Daily Mail
Misery at CNN HQ as debt-plagued network prepares for sale and Anderson Cooper hires new agent
A dark cloud hangs over CNN headquarters as staffers brace for layoffs and a likely sale of the network amid another reshuffling by its parents company. 'I'd say the mood remains really grim,' a CNN employee told Fox News, in the wake of last week's restructuring announcement from Warner Bros. Discovery. 'People are uncertain.' Meanwhile, CNN mainstay Anderson Cooper just signed with a new talent agency for the first time in decades - a move Variety reported was is a surefire sign he is open to new opportunities. The staffer who spoke to FOX News revealed workers were already aware of WBD's plans to split into two separate companies before last week, with one centered around studios and streaming. The other, tentatively titled Global Networks, will revolve around linear TV assets like CNN. 'We knew this was happening. And it was required to be able to sell the company,' the staffer said of the split. 'People are hoping CNN will be sold,' the source continued, saying Global Networks' new chief executive, WBD CFO Gunnar Wiedenfels, warned 'there is no limit, any sale can be made at any time - to a buyer who will invest in it. That's the bottom line.' The staffer added: 'I think they've telegraphed clearly that more cuts are coming. ' The insider noted that Wiedenfels' 'remit is not to grow stuff.' 'This company is a cash-flow giant with shrinking revenue. Like that's the deal,' the source said. 'It's merely a matter of how fast it shrinks. That's why the assets were split.' Wiedenfels has already managed to reduce WBD's $55billion debt by $21 billion in less than two years. His appointment by WBC CEO David Zaslav comes after several rounds of layoffs at his behest. Less than five months ago, CNN laid off 200 staffers - all from its struggling TV division. WBD has engaged in repeated rounds as well. A staffer told the Daily Mail at the time of the most recent CNN firings that the network had become 'bloated' after Warner Bros.' merger with Discovery in 2021. The cost-cutting seen since has done little to help the conglomerate's share price, which is down some 7 percent year to date. 'And we don't have streaming yet so - it's hard to imagine it doesn't get worse,' the CNN source further told Fox, referring to an anticipated portion of CNN CEO Mark Thompson's long-in-the works restructuring plan. 'If we do not follow the audiences to the new platforms with real conviction and scale, our future prospects will not be good,' Thompson told the New York Times in January. The new streaming service set to roll out this fall, he said, would feature the network's most well-known stars. This week, reports emerged that CNN superstar Cooper is now being represented by Creative Artists Agency (CAA) after years with United Talent Agency (UTA). He will be represented by Hollywood super-agent and CAA CEO Bryan Lourd. Cooper, 58, has been with CNN since 2001 and collects an annual salary of $18million, Puck reported this week, adding that such salaries would soon be a thing of the past. The report pointed out how Wiedenfels seems poised to commence cost-cutting, after working as Discovery's and then WBD's CFO since 2017. Much of the frustration from staff has been aimed at Zaslav, a second CNN staffer told Fox News, after two years of sagging ratings, streamlining roles, and repeated promises to pivot to streaming. 'Zaslav killed this place. He killed it,' the source said. 'The last few years under Zas has been a disaster in terms of what he has done,' the person added. Prior to announcing the restructuring last week, Zaslav reportedly dismissed a split of WBD's assets - including cable stations like TNT and TBS - as a bad idea. Sources told Puck at the time that ideas to better monetize the network by Thompson were either out of date or are coming too late - forcing execs' hands. A third staffer who spoke to Fox also appeared to believe a collapse at CNN is imminent. 'I'm trying to figure out what I'll do next when the whole thing collapses, but I don't even know when that will be,' the source said.
Fox News
18-06-2025
- Business
- Fox News
CNN morale 'really grim' as network faces uncertain future with corporate split, staffers warn
CNN staffers are bracing for impact as the network faces yet another corporate restructuring by its parent company Warner Bros. Discovery (WBD), fueling an unsettling morale in the newsroom. "I'd say the mood remains really grim," one CNN staffer told Fox News Digital. "People are uncertain." Last week, WBD announced that it was splitting into two companies, separating the studios and streaming business from its cable networks, CNN among them. The latter company, tentatively dubbed Global Networks, will be led by WBD CFO Gunnar Wiedenfels. The split is expected to be completed next year. "We knew this was happening," the CNN staffer said. "And it was required to be able to sell the company. People are hoping CNN will be sold - and as Gunnar said, there is no limit, any sale can be made at any time - to a buyer who will invest in it. That's the bottom line." While Global Networks will retain a 20% stake in the studio and streaming business, CNN's new parent company will have a heavy burden taking on most of Warner Bros. Discovery's massive debt. And Wiedenfels is expected to tighten the purse strings. "I think they've telegraphed clearly that more cuts are coming. Gunnar 'efficiency,'" the CNN staffer said. "And we don't have streaming yet so - it's hard to imagine it doesn't get worse [CNN is set to launch a new streaming service this fall]." "His remit is not to grow stuff. This company is a cash-flow giant with shrinking revenue. Like that's the deal. It's merely a matter of how fast it shrinks. That's why the assets were split," they continued. CNN has repeatedly been orphaned by corporate parents for years, from Time Warner in the 90s, to AOL in the early 2000s, to AT&T in 2018, leading to its 2022 spinoff of Warner Bros. Discovery led by CEO David Zaslav. In 2023, Zaslav tapped Mark Thompson, a veteran executive of BBC and The New York Times, to become CNN's CEO. Thompson has been vocal about his efforts to transform the news organization in the digital era in the nearly two years he's been on the job. But newsroom ire, at least for now, is being aimed at the WBD chief. "Zaslav killed this place. He killed it," a second CNN staffer told Fox News Digital. "The amount of debt the new thing that CNN is part of isn't ideal, but at least it can be a new beginning. The last few years under Zas has been a disaster in terms of what he has done." Industry critics like Puck correspondent Dylan Byers have predicted doom and gloom for the future of CNN, suggesting it will meet the fate of HLN, which he has noted "no longer exists." However, a third CNN staffer says critics projecting CNN's demise are simply "reading the same tea leafs as everybody else" regarding systemic problems in cable. "I'm trying to figure out what I'll do next when the whole thing collapses, but I don't even know when that will be," the third CNN staffer told Fox News Digital. "If we go under, I'll get a new job. Maybe making more money, maybe making less money, who cares? At the end of the day, it's just a job, right?" Despite all the current woes, not all hope is lost within the CNN newsroom. "I think it is possible for CNN to be invested in and be a relevant, powerful brand," the first staffer said. "To me - and I'm biased - CNN is a brand like Nike. If we throw it away, that is a choice and a management-driven thing, not a macro fait accompli." A spokesperson for CNN declined to comment. Warner Bros. Discovery did not respond to a request for comment. CNN's corporate saga comes at a rough patch for the network, which suffered its second-worst month ever in viewership the advertiser-coveted demographic of adults ages 25-54 across both total day and primetime viewers in May and is on pace to have its lowest-rated year ever in the demo.
Daily Mail
17-06-2025
- Business
- Daily Mail
Mass layoffs loom at CNN as insiders reveal prominent figures at risk
Warner Bros. Discovery's shock split into two distinctive companies is a sign the jobs and hefty salaries of CNN's top talent are on the line, media insiders warn. The media giant announced last week it will halve into two publicly traded entities — Streaming & Studios and Global Networks — by mid-2026. Streaming & Studios' domain will be Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, and HBO Max. This dramatic move could be detrimental to CNN, which is already grappling with plummeting ratings. 'Inevitably, Gunnar will look at CNN and decide he can maintain relatively similar profits at a mere fraction of the cost,' Dylan Byers, a former CNN reporter who now works for Puck, wrote in an opinion piece. 'This will have perceptible ramifications on the talent side. Why, for instance, would Gunnar pay Anderson Cooper (Pictured) $18 million a year when Kaitlan Collins draws the same ratings at roughly a fifth of the salary?' An anonymous source familiar with the state of the left-leaning news network spoke with Fox News, reiterating there are 'tears on the horizon.' They believe 'bean counter' Wiedenfels will go after high-salaried stars, going against the precedent set by former CNN boss Jeff Zucker, who was forced out before the 2022 merger. 'It's not just the overpriced talent. It's the overpriced producers. The overpriced executives. The superfluous reporters who barely are on the air,' the source said. 'All will either be exited or forced to take massive pay cuts.' Zucker was allegedly known for overpaying talent to keep them loyal to him, Fox reported. The result - CNN's first and second-tier talent now earn roughly five times what they are worth, the insider alleged. While Cooper earns an estimated $18 million every year, Jake Tapper (Pictured), who hosts The Lead with Jake Tapper, brings in roughly $7 million a year. CNN veteran Wolf Blitzer's salary is about $15 million and Chris Wallace's is approximately $8 million. Collins (pictured) earns about $3 million as a primetime anchor. In May, CNN had its second-worst month in its history in the essential 25 to 54-year-old age group in both daytime and primetime viewership, Fox reported. Since last year, the network ratings declined in all categories - and the matter may only get worse, experts believe. Over the upcoming year, Kagan, a research unit of S&P Global Market Intelligence, estimated CNN will lose subscribers and revenue despite the strategic split. Revenue is expected to plummet by $499.2 million, Variety reported. The insider source said the soon-to-be Global Networks CEO could slash CNN's costs by 50 to 60 percent with no impact on revenue or ratings. They believe Wiedenfels could 'start by making 70 percent cuts to all show teams for CNN US, bringing their staffing in line with that of their competition,' before slashing talent salaries. 'But it will be most devastating for the rank and file. With no union protections, there will be massive layoffs and those remaining will be asked to do the work of their departed colleagues,' they explained. Although no layoffs or budget cuts have been set in stone, uncertainty looms among CNN staffers. Byers told Fox he has 'received a deluge of text messages from addled employees at CNN' asking what the WBD split means for their futures. Despite skepticism, WBD higher-ups believe dividing into two companies is the best possible move. 'By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today's evolving media landscape,' Zaslav (pictured) said. Wiedenfels agreed this is a strategic move that will strength the 'specific financial profiles' of each company. 'At Global Networks, we will focus on further identifying innovative ways to work with distribution partners to create value for both linear and streaming viewers globally while maximizing our network assets and driving free cash flow,' he asserted.
