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