San Francisco, Feb 23 (IANS) Global media outlet NPR plans to lay off about 10 per cent of its current workforce, about 100 employees, as its financial outlook has “darkened considerably over recent weeks.”
In a memo to staff, NPR CEO John Lansing wrote: “At a time when we are doing some of our most ambitious and essential work, the global economy remains uncertain.”
NPR had announced a hiring freeze last year as part of a plan to cut costs.
Lansing said in the memo that the ad industry has weakened and they are grappling with a sharp decline in revenues from corporate sponsors.
“We had created a plan to address a $20 million sponsorship revenue falloff for FY23 but we are now projecting at least a $30 million shortfall. The cuts we have already made to our budget will not be enough,” he wrote.
“Unlike the financial challenges we faced during the worst of the pandemic, we project increasing costs and no sign of a quick revenue rebound. We must make adjustments to what we control, and that is our spending,” he added.
PR joins several media houses that have laid off hundreds of employees, including NBC News, MSNBC, CNN, Paramount Global, The Walt Disney Company, Sports Illustrated and others.
The NPR CEO said that they reached a point “where we can no longer protect all jobs”.
“We fought hard to avoid this. We have already cut $14 million in expenses, including freezing the majority of vacant jobs, suspending paid internships and fellowships, and restricting non-essential travel,” he said.
“We will need to reduce filled positions by approximately 10 per cent. The final percentage will primarily rely on how many of the open roles, going forward, we are able to eliminate. To work out this process, we will be having conversations internally and bargaining with our unions,” said the CEO.
Amid the Big Tech layoff season, the media and entertainment industry worldwide has been hit with job cuts as advertisers reduce spending amid the global economic slowdown.
–IANS
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