NBC News To Reduce 150 Jobs Ahead Of Cable Channels Spinoff: Report

Comcast Corp’s (CMCSA) NBC News division is reportedly planning to lay off 150 employees, a move resulting from the company’s strategy to spin off some of its underperforming cable channels.

According to a Bloomberg News report, citing people familiar with the matter, the layoffs, which began on Wednesday, target about 2% of the news division staff. The report noted that this was part of the company’s efforts to cut costs ahead of the spin-off.

Meanwhile, it also highlighted that in 2024, Comcast had announced plans to spin off several of its cable channels, including CNBC, MSNBC, and USA Network, into a separate entity later named Versant.

Bloomberg said that the divestiture is expected to be finalized this year, and post-spinoff, NBCUniversal will continue to operate NBC News, Bravo, and the Peacock streaming platform.

Retail sentiment on Comcast remained unchanged in the ‘bullish’ territory compared to a day ago, with message volumes at ‘high’ levels, according to data from Stocktwits. Shares of the company were down nearly 2% in afternoon trading.

The report added that the news division is recruiting for 140 news roles, and the people who are let go are asked to apply for these openings. Bloomberg said that those impacted will receive severance packages and subsidized benefits assistance.

Bloomberg noted that cable networks, notably those Comcast is divesting, have been hit hardest by the shift of viewers and advertisers to streaming platforms. Warner Bros Discovery is also pursuing plans to offload some of its cable assets, and recently it turned down a buyout proposal from Paramount Skydance Corp, the report added.

Shares of Comcast have declined 21% this year and 30% over the last 12 months. 

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Also See: Amazon Stock Sees Retail Chatter Surge 39% Amid HR Downsizing News

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