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4:40 PM PST 03/03/2021
by
Alex weprin
The company, which operates some 130 local stations and a number of regional sports networks, will lay off more than 550 employees as the pandemic continues to slow economic growth.
Sinclair Broadcast Group, one of the largest owners of local television channels in the country, is laying off about 5% of its workforce, citing the economic impact of the novel coronavirus pandemic.
“The impact of the COVID-19 pandemic continues to be felt across all sectors of the economy, which can have a profound impact on a business as diverse as ours,” said a spokesperson for the ‘business. Hollywood journalist in a report. “From local businesses to advertisers, distributors and partners, no part of our business ecosystem has been completely immune from the impact of the global pandemic. In response to this, we are suffering currently there are company-wide reductions in our workforce, including head office, to ensure we are well positioned to be successful going forward.
Sinclair had 11,600 employees at the end of 2020 according to its 2020 annual report, so between 550 and 600 employees are likely to be affected.
The company operates some 130 local TV stations across the country and, in 2019, acquired Regional Sports Networks (RSNs) that previously belonged to Fox. Live sports have been severely disrupted by the pandemic, dealing a blow to RSNs who depend almost entirely on games from local sports teams for their income. The company raised cash for RSNs by selling them naming rights to casino operator Bally’s. In January, the company renamed its RSNs with the nickname “Bally Sports”.
And while 2020 has seen record political incomes on local TV stations, with the pandemic continuing to impact the economy in 2021 and with no major political races on the calendar, the economy is getting tough.
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