{"id":1748184,"date":"2022-11-22T12:32:49","date_gmt":"2022-11-22T17:32:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1748184"},"modified":"2022-11-22T12:32:52","modified_gmt":"2022-11-22T17:32:52","slug":"entertainment-giants-and-media-companies-announce-massive-layoffs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/entertainment-giants-and-media-companies-announce-massive-layoffs\/","title":{"rendered":"Entertainment Giants And Media Companies Announce Massive Layoffs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fentertainment-giants-and-media-companies-announce-massive-layoffs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1748184&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A number of <a href=\"https:\/\/www.dailywire.com\/topic\/entertainment\" target=\"_blank\" rel=\"noopener\">entertainment<\/a> conglomerates and <a href=\"http:\/\/dailywire.com\/topic\/mainstream-media\" target=\"_blank\" rel=\"noopener\">media<\/a> companies are announcing layoffs as the <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">macroeconomy<\/a> continues to impact several industries.<\/p>\n<p>Technology companies such as Amazon, Microsoft, and Tesla have announced <a href=\"https:\/\/www.dailywire.com\/news\/recession-fears-lead-big-tech-companies-to-pause-hiring-cut-jobs\" target=\"_blank\" rel=\"noopener\">hiring pauses or layoffs<\/a> for their corporate offices over the past several months, citing recessionary risk and broader economic uncertainty. Leaders in the media sector are referencing similar issues.<\/p>\n<p>Warner Bros Television slashed 26% of headcount across scripted, unscripted, and animation divisions, according to a <a href=\"https:\/\/deadline.com\/2022\/10\/warner-bros-tv-layoffs-studio-cuts-26-of-workforce-1235141732\/\" target=\"_blank\" rel=\"noopener\">memo<\/a> sent by Warner Bros Television CEO Channing Dungey and obtained by Deadline. \u201cThese are challenging times in the world at large, and a tumultuous time in our industry,\u201d she wrote. \u201cBut my hope is that these changes, made with an eye to a more focused business strategy, will strengthen and stabilize our company, maintain our great creative output, and better position us for continued future success.\u201d<\/p>\n<p>Following a lackluster quarterly earnings report, former Disney CEO Bob Chapek said earlier this month that the entertainment giant would implement a hiring freeze and eliminate some positions, according to a <a href=\"https:\/\/www.cnbc.com\/2022\/11\/11\/disney-plans-hiring-freeze-job-cuts-memo-says.html\" target=\"_blank\" rel=\"noopener\">message<\/a> sent to executives and obtained by CNBC. \u201cHiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold,\u201d said Chapek, who was <a href=\"https:\/\/www.dailywire.com\/news\/reeling-disney-fires-ceo-as-woke-culture-blamed-for-stock-plunge\" target=\"_blank\" rel=\"noopener\">replaced<\/a> over the weekend by predecessor Bob Iger.<\/p>\n<p>Shares for Warner Bros Discovery have fallen nearly 59% since the beginning of the year, while shares for Disney have plummeted 39%. The Dow Jones Industrial Average and the S&#038;P 500 have respectively declined 7% and 17% over the same period.<\/p>\n<p>Despite a rise in economic output during the third quarter, the United States previously met the rule-of-thumb definition of a recession, two consecutive quarters of negative growth, as output contracted at a 1.6% annualized rate in the first quarter and a 0.6% pace in the second quarter. Officials in the Biden administration have nevertheless insisted that the economy as a whole has been experiencing a normal recovery. After the release of the preliminary third quarter output forecast, Biden <a href=\"https:\/\/www.dailywire.com\/news\/economy-turns-positive-in-third-quarter-biden-takes-credit\" target=\"_blank\" rel=\"noopener\">claimed<\/a> that \u201cdoomsayers\u201d had been \u201crooting for a downturn\u201d while falsely arguing that the nation was in a recession.<\/p>\n<p>Digital media device manufacturer Roku announced last week that roughly 5% of staff will be dismissed in order to decrease the company\u2019s \u201coperating expense growth rate due to current economic conditions,\u201d according to a <a href=\"https:\/\/www.hollywoodreporter.com\/business\/digital\/roku-layoffs-job-cuts-economy-1235264080\/\" target=\"_blank\" rel=\"noopener\">report<\/a> from The Hollywood Reporter. Other companies reducing headcount include Comcast, the parent company of NBCUniversal, and Paramount Global, which controls CBS and MTV, according to a <a href=\"https:\/\/www.axios.com\/2022\/11\/22\/media-layoffs-cnn-disney-economy-jobs-advertising\" target=\"_blank\" rel=\"noopener\">report<\/a> from Axios.<\/p>\n<p>Gannett, a media conglomerate which owns more than 250 local news outlets, <a href=\"https:\/\/www.dailywire.com\/news\/local-journalists-laid-off-as-media-conglomerate-suffers-heavy-losses\" target=\"_blank\" rel=\"noopener\">announced<\/a> three months ago that executives would begin \u201cnecessary but painful reductions to staffing\u201d while eliminating some open positions. Over 360 newspapers had already closed their doors between late 2019 and the spring of 2022, according to a <a href=\"https:\/\/news.northwestern.edu\/stories\/2022\/06\/newspapers-close-decline-in-local-journalism\/\" target=\"_blank\" rel=\"noopener\">report<\/a> from Northwestern University, meaning that the nation is on pace to lose one-third of local newspapers between 2005 and 2025.<\/p>\n<p>The layoffs in the entertainment sector occur as investors <a href=\"https:\/\/www.dailywire.com\/news\/meta-shares-fall-to-lowest-level-since-2016-as-company-burns-billions-on-metaverse-inflates-payrolls\" target=\"_blank\" rel=\"noopener\">criticize<\/a> large companies, especially in the technology space, for maintaining bloated payrolls. Twitter CEO Elon Musk <a href=\"https:\/\/www.dailywire.com\/news\/read-it-elon-musk-sends-blunt-message-to-3700-fired-twitter-employees\" target=\"_blank\" rel=\"noopener\">reduced<\/a> the social media company\u2019s headcount by half immediately following the acquisition.<\/p>\n<p><em>Disclosure: The Daily Wire has\u00a0<a href=\"https:\/\/www.dailywire.com\/videos\/introducing-dw-kids\">announced plans<\/a>\u00a0for kids entertainment content.<\/p>\n<p><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A number of entertainment conglomerates and media companies are announcing layoffs as the macroeconomy continues to impact several industries. Technology companies such as Amazon, Microsoft, and Tesla have announced hiring pauses or layoffs for their corporate offices over the past several months, citing recessionary risk and broader economic uncertainty. Leaders in the media sector are &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1748187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1748184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1748184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1748184"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1748184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1748187"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1748184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1748184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1748184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}