Thread regarding ViacomCBS layoffs

2020 U.S. Media Sector Layoffs on Track to Reach Record High

Unsurprisingly, “COVID-19” was the most cited reason for layoffs, followed by “market conditions,” “demand downturn” and “closing,” according to Challenger's...

2020 U.S. Media Sector Layoffs on Track to Reach Record High
Universal-Cineplex Deal Is Latest Sign Cinema Pain Won’t End Soon
Thanksgiving is a time for looking back on the year and appreciating life’s blessings. But that will be a challenging sentiment in 2020. The global pandemic has disrupted so many lives, both in the U.S. and around the globe, compromising not only their physical health but their economic health.
Just look at the millions of people across numerous sectors who lost their jobs over the past year. With more than a month left to 2020, the U.S. has already seen a record amount of job cuts, according to global outplacement and transitioning firm Challenger, Gray & Christmas.
As of the end of October, 2.16 million job cuts have been announced in the U.S., up from 515,000 last year, which makes it the highest annual total on record since Challenger began tracking the data in 1993. The previous record came in 2001, with 1.96 million.
To make matters worse, this year’s figure even exceeds the 1.22 million announced cuts experienced in 2008, during the Great Recession.
Challenger’s data refers to the job cuts that were announced and do not necessarily reflect the exact time in which the cuts were implemented. The firm compiles its data from company announcements, press releases, SEC filings and Worker Adjustment and Retraining Notifications (WARNs).
Unsurprisingly, “COVID-19” was the most cited reason for layoffs, followed by “market conditions,” “demand downturn” and “closing,” according to Challenger’s monthly jobs cuts report.
And of course, the media sector was no exception in the carnage, with an estimated 28,637 cuts as of the end of October. That total is rapidly approaching the previous record-breaking year of 2008, when there were 28,803 cuts in the media sector.
With more than a month left in 2020, this year could very well be the year in which the media sector sees a record amount of layoffs. The sector as defined by Challenger includes news (both broadcast and print), all print publications, all broadcast, television and movies, book publishing and digital media.
The layoffs have been coming in waves this year, and levels peaked in May, after first spiking when the pandemic set in March. Numbers started rising steadily over the summer before the fall season dropped to lower levels not seen since June.
It’s been a rough year for the media industry, with a continuous flow of layoff announcements coming from heavyweights including Comcast, AT&T, Disney and ViacomCBS.
Just last week, AMC Networks slashed 10% of its U.S. workforce amid a reorganization at the company, while ViacomCBS announced another round of layoffs, affecting about 100 employees. The latest round at ViacomCBS came after it announced in May that 450 employees would be let go as a result of “economic conditions,” and 117 employees were affected in February as a result of recent M&A.
Comcast–owned NBCUniversal’s latest round of layoffs also went into effect last week when 5% of employees within its television and streaming networks division were let go. It was part of the company’s wider plan to cut 10% of its total workforce.
The media industry was hit hard but not nearly as hard as other industries tracked by Challenger. The top three industries impacted included leisure, transportation and retail. Media was actually 17 out of 30, right behind food and telecom industries.
Despite the steep cuts in the sector, the media business added jobs as well. Challenger pointed out that there were 1,586 media-industry hiring announcements to date, compared with just 622 through the same period last year.
So even if things feel like they couldn’t get any worse than they already have, it’s not all bad news. Although there has been a recent spike in COVID cases across the U.S., there have also been several positive vaccine announcements. It might take some time, but there appears to finally be some light at the end of the tunnel.
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Post ID: @OP+187ysWHB

3 replies (most recent on top)

I'm pivoting out of the industry. Dead end for someone at my level/career which I don't really see improving after covid. Fortunately, I have experience in other industries that are actually doing well now. That's where I'm headed for now.

Post ID: @2oaq+187ysWHB

I cant wait to see all of the incompetent uneducated brown nosers from my department who survived the layoffs earlier this year to be sh– canned like the rest of us.

Post ID: @1tmx+187ysWHB

yeah, actually been bad for this sector for a number of years. All these mega mergers.what is kind of baffling, is lots of job postings with these companies on same days, time frame they are laying people off. which leads me to believe many of those jobs don't exist. Had a call back recently from a third party staffing person tell me the company they represent are processing applications, but that the position currently does not have a start date? best guess, harvesting potential candidates for when they fully get back to hiring. biggest problem for myself is close to 100% of these positions are in NYC based, and the offices are basically shut down. my network of people in business, when I reach out about a position with the company they work for, they reach out and tell me yeah, that job is not actually open, HR reps saying either job should not have been posted or they are looking for a potential pool of candidates down the line.

as far the numbers they are reporting in articles like these, the numbers almost always larger then letting on. just anecdotal, but for instance the Viacom layoffs of 2008-09, well over 100 employees in my larger department were not included in reported numbers. remember there was one article that broke down the Viacom numbers by departments, division, sub companies ect. the 100 plus were not included. so I always take layoff numbers with a grain of salt. have had offers in other states, but pretty entrenched in NYC metro area. not so easy to move, but maybe necessary at some point. have had one offer, 35k salary in NYC for a min 10 years experience position, I have 20 years experience. I know that position was paying close to 100k in NYC market, UGH. good luck to all

Post ID: @kvg+187ysWHB

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