Warner Bros Discovery Inc, the American multinational mass media and entertainment conglomerate, is looking to cut up to 30% or nearly 1,000 jobs in its global advertising sales team, Reuters reported quoting familiar sources.

The source said the company on Tuesday started offering members of its U.S. advertising sales team an opportunity to voluntarily leave the company. The global advertising sales team has about 3,000 members.

The company's finance chief Gunnar Wiedenfels in April reaffirmed its goal of achieving $3 billion in cost savings after a $43 billion merger between Discovery Inc and AT&T's Warner Media.

HBO, CNN Global, Cartoon Network, DC Entertainment, Warner Bros. are some of its subsidiaries.

Wall Street has questioned the streaming industry's long-term prospects after a surge during the pandemic and analysts have cited rising inflation and lower consumer spending as potential threats to the industry.

U.S. employers in the technology sector cut nearly nine times more jobs in May than in the first four months of the year as rising inflation and slowing demand force companies to cut corners.

The impact of the Ukraine crisis, a four-decade high inflation and rising interest rates has led to forecast cuts by companies such as Snap Inc and Microsoft, while others like Meta Platforms Inc have slowed hiring to rein in costs.

Coinbase Global, Redfin Corp and Compass Inc are among companies that announced layoffs on Tuesday.
-Reuters