NBCUniversal Reportedly Eying ‘Major’ Layoffs in November, Comcast Revenue Down in Q3


As the entertainment industry reels from the COVID-19 shutdown, it would appear that NBCUniversal is the latest Hollywood studio to be eying up a massive round of layoffs according to Deadline.

While it’s unclear at this time if this will affect the Universal theme parks and resorts, Comcast will likely be going through the company with a fine tooth comb to see what else can be cut.

From Deadline

November 12 is penciled in as the target date as company brass are eying mid-next month for the second wave of staff reductions to begin, we hear. The cuts will likely come in waves, one in mid-November and one to follow in late December or early 2021, with as many as 150-300 employees affected.

NBCUniversal’s recently formed Television and Streaming division, led by chairman Mark Lazarus, is expected to take the brunt of the layoffs. The unit was created in a reorganization designed to emphasize NBCU’s focus on streaming.

Like Disney and WarnerMedia, NBCUniversal appears to want to slim down the company to focus on its own streaming platform, Peacock.

UPDATE: Comcast is reporting its Q3 earnings and it’s not looking so hot, according to Twitter user Richard Bilbao, who is the theme park writer for the Orlando Business Journal. Q3 revenue is down over 80% and year-to-date is down 71%.

Epic Universe still seems to be delayed indefinitely at this point, and it will be interesting to see if the re-closure of Disneyland Paris is addressed during the earnings call.

The upside is that Comcast does see theme park attendance rebounding, despite the revenue hit.

However, this could be due to more locals attending the parks for events like the stripped down version of Halloween Horror Nights than vacationers from out of town.

Along with Disney, Universal theme parks have already seen rounds of layoffs this year due the pandemic shutdown and reduced demand for travel.

[Source: Deadline]

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