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CNN Announces It Is Leaving Hollywood Amid Budget Crisis

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CNN has announced that it is leaving Hollywood, where it has housed its Los Angeles bureau, and moving the bureau to nearby Burbank, California, according to Deadline.

The announcement was made this week during a town hall held by CNN CEO Chris Licht, who took over the position in May. Licht oversaw massive layoffs at the news organization last week.

The Hollywood office building that was the home of the Los Angeles bureau has "long been a part of the area skyline, particularly the lit-up letters from the network logo. The space has been the site of numerous network programs through the years including housing the West Coast studio of Larry King Live," according to the report.

The move from the Hollywood office to Burbank is part of the ongoing efforts by CNN to cut more than $100 million from the news organizations budget, a mandate reportedly given by David Zaslav, the head of Warner Bros. Discovery, the new parent company of CNN. The recent layoffs were also part of these budget-cutting measures.

The cost-cutting measures are ongoing throughout the company, as it has a debt of nearly $50 billion.

According to reports, the real estate that CNN's Los Angeles bureau is moving into is already owned by Warner Bros. Discovery, so they will not have to purchase new real estate for the move.

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