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Comcast Corp-owned NBCUniversal is evaluating a significant downsizing of its media and entertainment property portfolio as part of a cost-cutting effort, the Wall Street Journal reported Friday, citing people familiar with the matter.
FILE PHOTO: People pose for photos at Universal Studios Singapore in Sentosa on March 4, 2020. REUTERS / Edgar Su
REUTERS: Comcast Corp-owned NBCUniversal is evaluating a significant headcount reduction in its media and entertainment property portfolio as part of a cost-cutting effort, the Wall Street Journal reported Friday, citing people familiar with the matter. .
Discussions started this week regarding cost reduction measures, including layoffs, according to the report.
Along with its industry peers, NBCUniversal is taking a financial hit from the coronavirus outbreak that has closed theaters and theme parks. The company has temporarily closed its theme parks and suspended its sports productions and most of its film and television production.
Although all divisions are being analyzed, some areas that are likely to be under a microscope at NBCUniversal are the theme parks division and Universal Pictures, the WSJ reported.
NBCUniversal declined to comment on the report.
The company, which reported its results earlier this week, said its quarterly revenue at the filmed entertainment unit fell 22.5 percent this quarter from a year earlier, while revenue at theme parks fell 31, 9 percent.
Last month, Walt Disney Co said it will initiate non-essential American employee licenses across the company.
(Report by Shanti S Nair, Maria Ponnezhath, and Aakriti Bhalla in Bengaluru; Sandra Maler and Stephen Coates edition)
