Comcast’s NBC Universal is moving forward with pink slips at NBC News, weeks before the spin-off of its cable networks business into Versant is expected to move forward.
Around 150 jobs were eliminated this week, representing nearly 2 percent of the overall global workforce at NBC News. Most of the positions cut were tied to news-gathering efforts at cable networks CNBC and MSNBC, which will become part of Versant when the split from Comcast is completed.
Both networks affirmed their intention to sever ties from NBC News leading up to the spin-out, and MSNBC is taking things a step further by rebranding its entire operation to MS NOW.
While Versant is the catalyst behind some job cuts, NBC also targeted positions that are tied to underperforming parts of its business. The network is shifting priorities ahead of a subscription news offering and the launch of other digital news products.
Affected workers were given notice that their jobs will be eliminated in about two months, and were also provided information about severance and job placement opportunities. Some of the affected workers will be able to apply for jobs in other parts of NBC News and at Versant, according to a person familiar with the matter.
Nearly every major broadcast and cable network operation has laid off workers over the past two years amid business and consumer shifts. Like other TV networks, NBC News primarily generates revenue in two ways: Through the sale of advertising on TV and its websites, and from distribution fees collected from cable, satellite and streaming TV distributors. Both have been impacted by shifting ad budgets and cord-cutting.
In August, reports indicated CBS News owner Paramount would move forward with broad layoffs within all of its operations after merging with Skydance Media. The anticipated number of workers who could be laid off is somewhere between 2,000 and 3,000. CBS News also issued pink slips before the Skydance merger was complete, and Paramount wound down the operation of its MTV News division, leading to further job losses.
The Walt Disney Company’s ABC News and Fox Corporation’s Fox News Media have also laid off workers over the past several years. The Fox News Media layoffs took place during the coronavirus health pandemic, and were part of a broader restructuring of its business.
