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NBCUniversal from Comcast has started firing employees – WSJ report

CMCSA from Comcast Corp.
+ 0.49%
NBCUniversal has started firing employees across the entertainment portfolio, including the sports and cable channels, movie studios and theme parks, according to a report in The Wall Street Journal. Job losses are expected to be limited to less than 10% of the workforce, which amounts to 35,000 full-time employees, according to the WSJ report, in which people were aware of the matter. The layoff comes after months of speculation, as the media company struggled with the effects of the COVID-19 pandemic, including theme park closings, film postponement, and declining ads in its TV properties, the report said. Shares of Comcast, which rose 0.4% during afternoon trading, have lost 4.3% to date, while the S&P 500 SPX,
+ 0.16%
has won 2.1%.