AMC Networks said that a restructuring plan that includes laying off 20 percent of its staff will result in pre-tax charges of between $350 million and $475 million.
Gannett, the largest newspaper chain in the United States, began another round of layoffs Thursday, joining a host of other media companies cutting jobs in recent weeks. Employees at Gannett’s newspapers, which include USA Today, The Indianapolis Star and The Detroit Free Press, began receiving layoff notifications Thursday, part of an effort to cut about 6 percent of the company’s roughly 3,440-person U.S. media division.
The expected alignment of CBS Studios, Paramount TV Studios and the Paramount+ scripted originals team is happening, and it is resulting in staff cuts. The latest round of Paramount Global layoffs is impacting fewer than 30 people, all on the West Coast. According to sources, the majority of them are at CBS Studios and Paramount TV Studios, with handful of employees at CBS also let go.
CNN signaled to its employee base Wednesday that it had begun to cut some staff amid economic headwinds that are affecting its parent company, Warner Bros. Discovery. CNN CEO Chris Licht told employees in a memo: “Today we will notify a limited number of individuals, largely some of our paid contributors, as part of a recalibrated reporting strategy. Tomorrow, we will notify impacted employees, and tomorrow afternoon I will follow up with more details on these changes. It will be a difficult time for everyone.”
A media sector squeezed by streaming losses, anemic stocks, layoffs and executive turmoil unveiled its latest casualties Tuesday: 20% of AMC Networks’ U.S. staff, or about 200 people, along with the departure of CEO Christina Spade. The news follows Bob Chapek’s equally sudden departure last Sunday from Disney after a quarter of hefty streaming losses and months of PR missteps.
After announcing the departure of CEO Christina Spade, AMC Networks Chairman James Dolan sent a memo to staff warning the the company was planning to make ‘large scale’ layoffs and other cuts to operations. In his memo Dolan cited the difficulties faced by the pay TV industry and the fact that streaming has not yet replaced the revenues being lost by the traditional cable networks that make up the bulk of AMC’s business.
With CNN getting ready for more layoffs, NewsNation, Nexstar Media Group’s cable news network, has mounted a billboard near CNN’s Atlanta facility that announces “we’re hiring.”
The job market is booming, so why is the tech industry getting hit with layoffs?
Chris Licht, CNN’s CEO and chairman, held a town hall meeting with his staff on Tuesday, where he provided more details about the network’s upcoming layoffs. The town hall was a follow-up to revelations that a six-month business review of the network, which Licht had ordered, had just been concluded, and one of the takeaways from it was that job cuts would be happening towards the end of the year.
Paramount Global is winnowing down its ad-sales staff after the unit was recently restructured by its new leader. The job losses are said to number fewer than 100, according to a person familiar with the matter, and come after John Halley, named president of Paramount Global’s ad-sales efforts in September, realigned much of his staff to focus on direct relationships with major media-buying agencies.
Early on Tuesday, Musk’s team ordered nearly two dozen Twitter employees who had pushed back publicly and privately against him to be fired, three people with knowledge of the matter said. The billionaire, who completed a $44 billion acquisition of Twitter last month, later confirmed the exits on the platform and mocked the former employees.
Among the mass layoffs at the company formerly known as Facebook last week are several roles that have served as a bridge between the news industry and the sprawling tech company.
Reeling from a roller coaster stock market and earnings misses, the Walt Disney Co. is about to start cutting spending, costs, and staff, CEO Bob Chapek said Friday. “I am fully aware this will be a difficult process for many of you and your teams,” Chapek wrote to Disney executives this Veterans’ Day as the House of Mouse heads into its 100th anniversary. “We are going to have to make tough and uncomfortable decisions,” he added.
Hiring the best, the brightest and the highest number of employees was a badge of honor at tech companies. Not anymore as layoffs surge.
Meta CEO Mark Zuckerberg announced the news today in a note to staff: “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” he wrote. “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
Meta Platforms Inc. is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be among the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.
The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people. Meta reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.
The San Francisco-based company told workers by email Thursday that they would learn Friday if they had been laid off. About half of the company’s staff of 7,500 was let go, Yoel Roth, Twitter’s head of safety & integrity, confirmed in a tweet. The speed and size of the cuts also opened Musk and Twitter to lawsuits. At least one was filed alleging Twitter violated federal law by not providing fired employees the required notice.
Twitter has reportedly sent out a company-wide email warning its estimated 7,500 employees that layoffs will start Friday. The culling is not unexpected, as new Twitter owner Elon Musk has said repeatedly that the company needed a reduction in force and had too large a management layer. Workers were instructed to go home and not return to the offices on Friday as the cuts proceeded. The message, came from a generic address and was signed “Twitter.” The email did not specify the number of cuts, but previous reports have indicated it will be in the thousands.
Less than a month after Nexstar Media closed a deal to take 75% ownership of The CW, the broadcast network has been hit with dozens of layoffs. The exact number of departures is still becoming clear, but one person with knowledge of the situation pegged it at about 30 to 40. While Nexstar is known for local stations, the company also operates NewsNation, which it overhauled and reformatted from its prior incarnation, WGN America, after acquiring Tribune Media in 2019. The lower cost profile of news programming, a distinctly different neighborhood from the scripted fare that was briefly WGNA’s specialty, was the driving motivation of the makeover.
CNN will see layoffs and other cuts in the coming weeks, as the global news division responds to a worsening economic climate and as Warner Bros. Discovery continues its effort to bring together the WarnerMedia and Discovery businesses. CNN CEO Chris Licht explained the rationale in a memo to staff Wednesday, adding that “our aim is to have most of these decisions made by the end of the year so we can start 2023 feeling settled and prepared for the future.”
Warner Bros Television is cutting more than a quarter of its workforce as part of its parent company’s drive to cut costs. The studio is slashing 26% of personnel, a total of 125 positions, across scripted, unscripted and animation.
Sources say that, as part of Warner Bros. Discovery CEO David Zaslav’s effort to find $3 billion in post-merger cost savings, that layoffs will impact several departments in the merged companies. Among those expected to be impacted are Channing Dungey’s Warner Bros. Television Group (which includes scripted, unscripted and alternative studios); possibly DC Comics, Cartoon Network, Adult Swim and other units.
In response to stalling growth and intense competition, Facebook parent Meta is looking to reduce costs by at least 10%, people familiar with the plans said, while Google has required some employees to apply for new jobs.
The CTO will head up product, engineering, research & development at the TV measurement firm.
NBCUniversal will lay off more than three dozen staffers who worked on E!’s entertainment shows Daily Pop and Nightly Pop, which were canceled last month. The move is due to a larger restructuring effort of the cable channel to create a centralized Terrace Studios that will share production efforts across E! News brands and NBCU’s syndicated Access programs.
The layoffs of about 30% of ad sales employees at Warner Bros Discovery started Tuesday and will likely proceed over the next few weeks. The latest cuts from a combined workforce in the range of 40,000 (10,000 from Discovery and the rest from WarnerMedia) come as the company continues to work toward achieving at least $3 billion in cost savings from the $43 billion merger. Since the deal closed in April, the company has embarked on an aggressive effort to roll back expenses in many areas.
The layoffs come amid a major strategic shift for the company, which is phasing out its HBO Max originals in Europe and moving to a local commissioning model.
The long-running daytime talk show Dr. Phil conducted a round of layoffs ahead of its upcoming season this fall, a spokesperson for the show confirmed on Friday. The cost-cutting move affected about 25 workers, most of which worked in production roles for the talk show, the Dr. Phil spokesperson said, adding the show had “streamlined production to ensure longevity.”
Layoffs have hit Netflix again, with the streamer letting go of roughly 300 staffers on Thursday. The cuts are across multiple business functions in the company, with the bulk of the jobs lost in the U.S. These new layoffs hit just a few weeks after the streaming giant — which has a global workforce of roughly 11,000 staffers — made an initial round of reductions of similar size in May.
Hiring freezes and layoffs are hitting the tech sector as Silicon Valley prepares for a predicted recession. The hiring impacts are hitting companies of all sizes across tech, from industry giants to more nascent startups, signaling that the industry’s growth is slowing amid rising interest rates and surging inflation.
Netflix is bracing for its next round of layoffs as the streaming giant looks to cut costs in the wake of its stock troubles. Impacted staff are expected to be told at the end of the week. It’s unclear what departments are going to be hit, but sources suggest that the cuts could be similar in size to the round of reductions undertaken in May. At that time, Netflix laid off 150 employees and dozens of contractors and part-time workers.
A little more than a month after Warner Bros. Discovery announced it was pulling the plug on CNN+, CNN began laying off affected staffers Tuesday, according to multiple sources.
Layoffs are underway at Netflix today. About 150 positions out of the streamer’s 11,000 workforce are being eliminated amid a slowdown in the company’s revenue growth. They are largely based in the U.S., a significant portion in creative. A number of them are in the executive ranks, including in original content, with a couple of director-level original series execs rumored to be leaving.