NBC News has initiated a significant round of layoffs, with approximately 7% of its workforce being dismissed as the network gears up for a strategic reorganization under Comcast. This move anticipates the formation of Versant Media Group, a new publicly traded entity.
On Wednesday, around 150 employees were let go as the network prepares to transition MSNBC and CNBC into this new corporate structure. According to sources quoted by the New York Times, those affected were given a 60-day notice period and will receive severance pay along with a subsidized benefits package.
Among those impacted by the layoffs are teams that focus on diversity-related reporting. This includes coverage for Black, Latino, Asian American, and LGBTQ+ communities through platforms such as NBC Blk, NBC Latino, NBC Asian America, and NBC OUT, as reported by The Wrap.
Notably, none of the network’s anchors are affected by these layoffs.
These job cuts represent about 2% of the NBCUniversal News Group’s workforce. Interestingly, the group is currently recruiting for 140 positions, and those who have been laid off are encouraged to reapply for these new opportunities.
The cuts are made up of around 2 percent of the NBCUniversal News Group, which is now hiring for 140 positions across the group. Employees laid off are said to also be able to reapply to the openings.
Around a dozen of the positions eliminated by the news group are also being repurposed into new roles.
President of the NewsGuild of New York, Susan DeCarava, said in a statement to Deadline: ‘What’s clear: NBC management is prioritizing corporate profits at the expense of our hard-working members, without whom there would be no NBC News.’
The split was said to be a move to streamline and avoid overlap.
Employees were told the mass exodus was due to the company’s upcoming split, thus reducing the need for newsgathering for multiple networks, as well as the economic climate and changing news industry.
Around 150 staffers were cut from NBC News on Wednesday as the news group prepares for their end of year split
The cuts included teams dedicated to diversity focused coverage, including Black, Latino, Asian American and LGBTQ+ communities
Versant’s Chief Executive Officer Mark Lazarus was announced earlier this year
MSNBC, USA Network, CNBC, Oxygen, E!, SYFY and Golf Channel will soon be under the umbrella of their new parent company, Versant
Recently, the network made more targeted cuts, including NBC’s graphics team which was shared between NBC and MSNBC.
The cable network’s split, which was announced last year, is set to be completed by the end of this year.
Comcast announced that networks MSNBC, USA Network, CNBC, Oxygen, E!, SYFY and Golf Channel will soon be under the umbrella of their new parent company, Versant.
MSNBC, soon to adopt the name MS Now [My Source, New-Opinion-World], has plans to build its own news network and is set to cut ties from NBC News correspondents and crews for their coverage by October 20, Deadline reported.
It is also set to house Fandango, Rotten Tomatoes, GolfNow, GolfPass and SportsEngine, CNBC reported.
Versant CEO Mark Lazarus told the outlet: ‘We’re going to focus on the individual brands that we have, not the corporate name. This is a holding company name. It’s going to be used for business-to-business purposes.’
Assets held by the new company generated revenue of around $7 billion within the last year.
Comcast is set to hold on to NBC News, the streaming service Peacock, Universal Studios, its theme parks, and Bravo.
The NBC News division is looking to adopt a new subscription service as well as bolstering their recently created podcast, Here’s the Scoop, and adopting a new marketing campaign.
