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NBCUniversal Begins Layoffs Ahead of Another 2020 Reorganization

Cuts will affect networks, studio and theme parks, according to WSJ

Tim Baysinger | August 4, 2020 @ 9:49 AM
NBCUniversal

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NBCUniversal is laying off staff across its entire portfolio ahead of major reorganization to the television and streaming division under Mark Lazarus, according to multiple media reports.

According to The Wall Street Journal, the cuts, which will affect sports and cable networks, broadcast, the movie studio and theme parks businesses, will affect less than 10% of the overall staff.

NBCUniversal did not immediately respond to TheWrap’s request for comment.

Also Read: NBC Entertainment Chief Paul Telegdy Under Investigation for Workplace Misconduct

NBCU is poised to closer align its television and streaming operations, both of which are under Lazarus. During Comcast’s second quarter earnings call last week, CEO Jeff Shell hinted that more changes were coming. “A few months ago, we combined our television and streaming businesses under Mark Lazarus, which will allow us to more rapidly shift our resources and investment from linear to streaming. Mark is finalizing a new structure that will demonstrate the unique way we intend to manage this business going forward,” he said on the July 30th call.

NBCU’s revenue declined 25% to $6.1 billion in the second quarter as theme park and movie theater closings have hampered the company’s bottom line.

The company is also dealing with the fallout from last Friday, when NBC Entertainment chairman Paul Telegdy was the subject of a damaging story by The Hollywood Reporter, which featured multiple current and former executives accuse Telegdy of workplace misconduct and fostering a “traumatic” environment during his tenure with the company, which included 9 years as head of its unscripted department. NBCU is investigating the matter.

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