The Sinclair Broadcasting Group is working to “cut its workforce across the organization” due to the “devastating effects” of the COVID-19 outbreak, according to several reports.
Sinclair spokesman Tell Variety It said the company would abandon its employees 5 percent. The company has more than 9,211 employees, which means roughly 460 employees will be affected.
A spokesperson said in a statement to Variety. That the impact of the outbreak “continues to happen in every sector of the economy, something that could have a huge impact on companies as diverse as ours”;.
“From local businesses and advertisers to distributors and partners, no part of our business ecosystem is fully protected from the effects of the global epidemic,” the statement said. We are currently working on cuts across the entire organization, including corporate headquarters, to ensure we are in the right position for future success. ”
In a memorandum to the officer received by CNN BusinessSinclair CEO Chris Ripley said the decision “was not taken lightly.”
“Over the past year we have seen many of our colleagues take a step down as we refrain from taking action as we cut our budget elsewhere, including capital, discretionary spending.
Sinclair on February 24 Reportedly dropped 7 percente of total revenues for the fourth quarter of 2020 compared to the fourth quarter of 2019.However, gross revenues for 2020 were up 40 percent from 2019.
Sinclair operates approximately 190 TV stations in 88 markets and owns several national networks.