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Sinclair Broadcasting Group is implementing “company-wide cuts” in its workforce due to the “profound impact” of the COVID-19 pandemic, according to multiple reports.
A spokesperson for Sinclair says Variety that the company is losing 5 percent of its workforce. The company employs more than 9,211 people, which means that approximately 460 employees will be affected.
The spokesperson said in a statement to Variety that the impact of the pandemic “continues to be felt in all sectors of the economy, which can have a profound impact on a company as diverse as ours”.
“From local businesses and advertisers to distributors and partners, no part of our business ecosystem has been fully protected from the impact of the global pandemic,” the statement said. “In response to this, we are currently undergoing company-wide reductions in our workforce, including head office, to ensure that we are well positioned for success going forward.”
In a note to staff obtained by CNN CompanySinclair CEO Chris Ripley said the decision “was not taken lightly.”
“Over the past year, we have seen many of our peers make massive reductions, a step we have refrained from taking as we cut elsewhere, including in capital budgets, spending discretionary and non-essential expenses. “
Sinclair on February 24 reported a 7% decreasee of total revenue for the fourth quarter of 2020 compared to the fourth quarter of 2019. However, the total revenue for 2020 increased by 40% compared to 2019.
Sinclair operates approximately 190 television stations in 88 markets and owns several national networks.
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