NBCUniversal is considering implementing cuts to its media and entertainment divisions to try to offset losses fueled by the economic fallout of the coronavirus pandemic.
People familiar with the matter told The Wall Street Journal that discussions began this week regarding several different efforts, including layoffs, for the Universal Pictures movie studio, theme parks, NBC News and the company’s entertainment cable channels.
“On costs, the question about whether we’re right-sized on costs given where the environment is headed, the answer is probably no, and we’re addressing that pretty aggressively,” NBCUniversal Chief Jeff Shell said during Comcast’s earnings call Thursday, according to WSJ.
“And certainly over the next weeks and months, we’ll make pretty significant adjustments there across our business,” he added.
Several different media companies have already taken cost-cutting measures, including furloughing workers, cutting executive pay and laying off hundreds of employees.
NBCUniversal has already closed its theme parks through the end of May and furloughed many of its workers.
NBCUniversal has proven to be one of Comcast’s most vulnerable branches during the coronavirus; while Comcast has reported a stable revenue stream, NBCUniversal’s quarterly first-quarter revenue fell 7 percent to $7.7 billion, according to The Journal.