NBCUniversal Starts New Round of Layoffs Ahead of SpinCo Separation
The company is letting go of dozens of workers across TV and streaming divisions The post NBCUniversal Starts New Round of Layoffs Ahead of SpinCo Separation appeared first on TheWrap.
NBCUniversal kicked off a new round of layoffs ahead of its separation of cable assets into a new company, known as SpinCo.
Deadline reported that dozens of workers across the Comcast-owned company’s TV and streaming divisions will be impacted, in cuts that are being described as “surgical” rather than the more “sweeping” layoffs that happened previously.
The cuts impact marketing and communications employees across NBC, cable networks and Peacock, as well as on the studio side. Some junior members of the programming team were also impacted.
Comcast first announced plans to separate its cable assets into a new publicly traded company last year. The publicly traded entity — which is expected to reach 70 million U.S. households and generate $7 billion in annual revenue — will house USA Network, CNBC, MSNBC, Oxygen, E!, SYFY and digital assets Fandango, Rotten Tomatoes, Golf Channel, GolfNow and SportsEngine. Notably, Bravo will remain a part of NBCUniversal.
The company previously announced that SpinCo would be overseen by former NBCUniversal Media Group chairman Mark Lazarus, who will serve as chief executive officer; and former NBCUniversal chief financial officer Anand Kini, who will serve as CFO and chief operating officer.
Val Boreland joined later as president of entertainment, along with Keith Cocozza as chief communications officer, Brian Dorfler as chief human resources officer, Jeff Mayzurk as president of operations and technology, Kristin Newkirk as TV networks chief financial officer, David Pietrycha as chief revenue and business officer and Greg Wright as chief accounting officer and controller. Matt Hong, Jeff Behnke and Roy Cho then joined the executive leadership team in April to oversee its sports and distribution businesses.
“As we embark on this journey to build a one-of-a-kind company, I am thrilled to be joined by such a talented group of leaders with the experience and expertise needed to make SpinCo a leading multimedia company from day one,” Lazarus said in a statement in January. “Together, we will capitalize upon our iconic media assets, chart a course for growth and continue to attract additional talent as we build momentum toward the completion of the spin-off.”
The post NBCUniversal Starts New Round of Layoffs Ahead of SpinCo Separation appeared first on TheWrap.
