CNN set for layoffs: report
© Greg Nash

CNN, which just one year ago was touting an ambitious digital strategy, is planning to lay off as many as 50 people, Vanity Fair reported on Monday.

The layoffs are expected to come this week and will hit CNN staff around the world who work on digital businesses such as CNN Money, video, product, tech and social publishing, the magazine reported. The exact number of layoffs is still not clear.

According to Vanity Fair’s reporting, CNN will curtail some high-profile digital initiatives such as their virtual reality and Snapchat production efforts. The team that produces digital extensions for some of the network’s documentary-style shows is reportedly going to be reorganized.

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Like numerous other digital brands, CNN missed recent revenue projections.

Nonetheless, CNN is still profitable. The company employs thousands of people around the world and makes $1 billion in annual profits. In the past 18 months, CNN hired more than 200 new staff.

The projected layoffs aren’t as harsh in this context but do signal that CNN might be tempering its digital ambitions and adds another level of uncertainty as CNN staff waits to see if AT&T is able to acquire its parent company.

A CNN representative told Vanity Fair that some "activities" would be stopped to reallocate resources.

“Not every new project has paid off so we will stop some activities in order to reallocate those resources and enable future experimentation," CNN's Matt Dornic told Vanity Fair." Organizations that do not make big bets and continuously evolve are the ones that fail.”

CNN has been feuding with President TrumpDonald John TrumpCNN analyst Kirsten Powers: Melania's jacket should read 'Let them eat cake' CNN's Cuomo confronts Lewandowski over 'womp womp' remark Sessions says FBI agent Peter Strzok no longer has his security clearance MORE since before the 2016 election.

The media company is one of the major assets in AT&T’s planned takeover of Time Warner for $85 billion. Last year, the Justice Department sued to stop the deal. A trial is set to begin on March 19 to decide whether the buyout will be allowed to take place.