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Media layoffs continue to spread, with several companies enacting or announcing major layoffs over the past week.
Why it matters: Media companies begin cost-cutting measures earlier this year As macro fears of a recession persist, publicly traded companies like Netflix are now cutting spending due to ongoing shareholder concerns.
Push News: Last week, several gaming news companies were affected by layoffs, along with a podcasting company and two entertainment giants.
- change the fanTencent-owned gaming news site, laying off staff, including its editor-in-chief and head of media, Each Kotaku.
- G4Comcast’s video game talk show network relaunched last year, laying off 20 to 30 employees, Each Kotaku.
- futureA British media company has fired editorial staff for several of its brands, including TechRadar Gaming, Android Central, Windows Central and iMore, According to GamesIndustry.biz.
- Akastera Swedish podcast hosting and monetization company, plans to lay off 15% of its workforce or about 70 people in the coming weeks, According to Bloomberg.
- Netflix Lay off 30 employees from animation team, each deadline.
- Warner Bros Discovery A round of layoffs began last week, with hundreds of job cuts expected on the business side, Sarah Fischer reports.
What are they talking about: “While most of the country is only worried about a recession, major media companies are laying off or consolidating. Their stock prices have plummeted,” Bloomberg’s Christopher Palmery wrote.
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