CNN plans to move its Los Angeles bureau from an office tower in Hollywood to Warner Bros. Discovery office space in Burbank.
CNN chairman and CEO Chris Licht announced the move at a town hall with employees Tuesday, held in the wake of layoffs last week. Puck first reported the news. A CNN spokesperson confirmed the move.
The CNN Hollywood offices have 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.
The move is a cost-saving measure as the network trims its budget amid economic uncertainties. Parent Warner Bros Discovery also is grappling with substantial debt of nearly $50 billion.
Major media companies have been shifting their real estate footprint in Los Angeles. Paramount Global has sold the iconic CBS lot in Studio City and Television City, while relocating many employees to office space near the Paramount lot.