The media industry was racked by a record 30,711 job cuts in 2020 — a stunning increase of 201 percent from the year earlier when 10,201 jobs were lost. The figures, which were rolled out Thursday by outplacement firm Challenger, Gray & Christmas, included jobs data from the news industry, advertising, television and movie production.
The AT&T-owned company is seeking to reduce costs by as much as 20% as the pandemic drains income from movie tickets, cable subscriptions and TV ads, according to people familiar with the matter.
Time Warner Inc.’s HBO is eliminating more than 150 positions, according to a person with knowledge of the plans, joining the job cuts taking place across the company to improve profitability.
Warner Bros. Entertainment is expected to cut as many as 900 to 1,000 jobs worldwide as part of a studio-wide cost-cutting move, according to people familiar with the company’s plans. The estimated reductions would amount to more than 10% of the studio’s 9,000-person workforce. Inside sources said that the movie and TV production units will be least impacted as Warner Bros. plans to continue its priority of investing in content and in fact wants to increase the studio’s output.
The upcoming consolidation of Evansville, Ind., ABC affiliate WEHT and now independent WTVW will include job losses. Multiple sources have confirmed that all of WEHT’s department heads were told last week that their positions will be terminated when Nexstar Broadcasting takes over ownership of the station from Gilmore Broadcasting Corp., which has owned WEHT since 1964.
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Avid Posts $8M 3Q Loss, Will Cut 10% Of Jobs
The Granite-owned ABC affiliate in Buffalo, N.Y., will switch its hub/master control operations to an out-of-town company, Encompass Digital Media of Atlanta. The changeover, which is expected to result in about 10 lost jobs, is expected to be completed by early October.
