Meanwhile, Warner Bros. Discovery Inc., Paramount Global, Comcast Corp.’s NBCUniversal and Walt Disney Co. have all announced plans to cuts costs.
National Public Radio plans to “severely restrict” hiring after a sharp decline in sponsorship revenue, joining a host of media companies re-examining their staffing needs as the business outlook darkens.
CNN chief Chris Licht also told workers on Wednesday that layoffs were underway and would continue through Thursday. He cited a “recalibrated reporting strategy,” in a memo to staff. NPR expects to have at least a $20 million shortfall in sponsorships for the current fiscal year, Lansing told employees. The broadcaster needs to reduce spending by about $10 million to return to its budgeted $5.2 million deficit for the year.
A spokesperson for NPR said a major portion of revenue comes through corporate sponsorships, which are sensitive to slowdowns in the broader economy.
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