NBCUniversal weighs layoffs at media, entertainment units: WSJ

FILE PHOTO: People pose for photos at Universal Studios Singapore in Sentosa March 4, 2020. REUTERS/Edgar Su

(Reuters) – Comcast Corp (CMCSA.O) owned NBCUniversal is evaluating a significant reduction of staff across its portfolio of media and entertainment properties as part of a cost-cutting effort, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Discussions began this week regarding cost-cutting measures, including layoffs, according to the report.

Along with its industry peers, NBCUniversal is taking a financial hit from the coronavirus outbreak which has shuttered movie theaters and theme parks. The company has temporarily closed its theme parks and suspended its sports productions and most of its film and TV production.

Although all divisions are being looked at, some areas likely to be under a microscope at NBCUniversal are the theme-parks division and Universal Pictures, the WSJ reported.

NBCUniversal declined to comment on the report.

The company, which reported its results earlier this week, said its quarterly revenue at the filmed entertainment unit fell 22.5% this quarter from a year earlier, while revenue at theme parks fell 31.9%.

Last month, Walt Disney Co (DIS.N) said it will start furloughs of non-essential U.S. employees across the company.

Reporting by Shanti S Nair, Maria Ponnezhath and Aakriti Bhalla in Bengaluru; Editing by Sandra Maler and Stephen Coates

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