Warner Bros. Discovery Sports cut more than 10% of its workforce on Tuesday.
The layoffs affected roughly 70 employees across Turner Sports, Bleacher Report, and the company’s studio operations, with some open positions being eliminated.
Turner Sports, which became a division of Time Warner in 1996, handles broadcasts for leagues including the NBA and NHL and later acquired sports media company Bleacher Report for $175 million in 2012.
In an email to employees, Warner Bros. Discovery chair and CEO Luis Silberwasser referenced the changing industry.
“Our reality is we must evolve to position WBD and our sports division for long-term success against an environment that includes a challenging macroeconomic forecast,” he said.
The company will reportedly remain active in sports rights negotiations.
- In 2015, WBD struck an agreement with the International Olympics Committee for European rights to four Olympics from 2018-2024.
- It has rights to several cycling events including the UCI World Championship and UCI World Tour events.
- WBD Sports holds rights across Europe for every Grand Slam.
- The company also has rights in golf, winter sports, and motorsport.
The eliminations aren’t Warner Bros.’ first this year as the company looks to cut its spending by $3 billion. In October, six months after its $43 billion merger with Discovery in April, the company eliminated 125 jobs in its TV Group.