BALTIMORE—Sinclair Broadcast Group has announced layoffs to 5% of its workforce due to the “profound impact” that the COVID-19 pandemic has had on the broadcasting group.
Sinclair owns or operates 190 television stations and 23 regional sports networks across 88 markets. It’s entire staff is about 9,200 employees, meaning that 460 employees will be impacted by these layoffs.
In an official statement provided to TV Tech, Sinclair said that no part of its business has been shielded from the pandemic, and as a result, “we are currently undergoing enterprise-wide reductions across our workforce, including corporate headquarters, to ensure we are well-positioned for future success.”
Sinclair is the latest broadcast/media company to make reductions or changes to its workforce because of the pandemic. In November 2020, ESPN announced that it would eliminate 500 positions as part of a more streaming focused strategy, accelerated in part because of the pandemic. Also, back in April 2020, Meredith announced a series of salary cuts.
In Sinclair’s fourth quarter 2020 earnings report, it disclosed that it generated higher profits despite a 7% drop in revenue. The company also announced an acquisition of ZypMedia.
Here is the full statement from Sinclair:
"The impact of the COVID-19 pandemic continues to be felt across all sectors of the economy, something that can have a profound impact on a company as diversified as ours. From local businesses and advertisers to distributors and partners, no component of our business’s ecosystem has been fully shielded from the impact of the global pandemic. In response to this, we are currently undergoing enterprise-wide reductions across our workforce, including corporate headquarters, to ensure we are well-positioned for future success. These reductions represent approximately five percent of our workforce."
Future US's leading brands bring the most important, up-to-date information right to your inbox
Thank you for signing up to TV Tech. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.