16:40 PST 3/3/2021
by
Alex Weprin
The company, which operates about 130 local stations and a number of local sports networks, will lay off more than 550 employees as the pandemic continues to slow economic growth.
Sinclair Broadcast Group, one of the largest local TV station owners in the country, is laying off about 5 percent of its staff, citing the economic impact of the new coronavirus pandemic.
“The impact of the COVID-19 pandemic is still being felt in all sectors of the economy, something that could have a profound impact on a diversified company such as ours,” a company spokesman said. The Hollywood Reporter in a statement. “From local businesses and advertisers to distributors and partners, no component of our business’s ecosystem is fully protected from the impact of the global pandemic. In response, we are currently experiencing a reduction in the entire workforce, including corporate headquarters. , to ensure that we are well positioned for future success. ‘
According to the 2020 annual report, Sinclair had 11,600 employees by the end of 2020, so between 550-600 employees are likely to be affected.
The company operates about 130 local TV stations across the country and in 2019 acquired the local sports networks (RSNs) previously owned by Fox. Live sports were severely disrupted by the pandemic, which inflicted a huge blow on RSNs that relied almost exclusively on games from local sports teams for their income. The company raised cash for the RSNs by selling naming rights to casino operator Bally’s. In January, the company renamed its RSNs with the ‘Bally Sports’ moniker.
And while local TV stations set a record in 2020, and the pandemic had an impact on the economy in 2021, and without major political races on the calendar, the economy is becoming challenging.