Comcast’s NBC is preparing to issue a large number of layoff notices to network employees, according to a report.
The New York Post said on Monday the mass media conglomerate is expected to issue a “significant” number of pink slips as part of a “sweeping” restructuring of staff.
The information came to the Post from sources within the company that the newspaper did not identify in its report.
It is the second report detailing planned pink slips at the peacock network. Earlier this month, Adweek reported technical and operations employees at NBC’s evening news program Nightly News would receive layoff notices within weeks.
Adweek said the layoffs were triggered by a decline in revenue brought on by the ongoing COVID-19 health crisis. The Post said layoffs across NBC’s networks were attributed to the same event.
Earlier this year, NBC and Comcast were exploring ways to prevent mass layoffs across the company’s portfolio of TV networks, movie studios and theme parks. In May, NBC Universal Chief Executive Officer Jeff Shell slashed salaries of senior executives by up to 20 percent and rolled back compensation for those making more than $100,000 a year, the Post said.
In April, Comcast said it expected to lose $500 million in theme park revenue if Universal Studios and other parks remained closed due to the coronavirus. Its revenue dipped by 7 percent in the first quarter of 2020 due to the health crisis, Comcast said. The company will publish its next quarterly earnings report before the financial markets open on July 30, 2020.
Comcast operates NBC Universal’s network of channels, including the NBC broadcast network, Telemundo, Cozi TV, LXTV and cable channels CNBC, MSNBC, E!, Bravo, Oxygen, SyFy, Universal Kids, nine regional NBC Sports channels and the national NBCSN sports network. The company also owns 18 local Telemundo stations and 11 local NBC stations across the country.