Sinclair Broadcasting Group is implementing ‘enterprise-wide reduction’ in its staff due to the ‘profound impact’ of the COVID-19 pandemic, according to several reports.
A Sinclair spokesman told Variety that the company is laying off 5 percent of its workers. The company employs more than 9,211 people, which means that approximately 460 people are affected by this.
The spokesman said in a statement to Variety that the impact of the pandemic “is still being felt in all sectors of the economy, something that could have a profound impact on a company as diversified as we are.”
“From local businesses and advertisers to distributors and partners, no component of our enterprise’s ecosystem is fully protected from the impact of the global pandemic,” the statement said. the head office, to ensure that we are well positioned for future success. “
In a memorandum to staff obtained by CNN Business, Sinclair CEO Chris Ripley said the decision was “not taken lightly.”
“Over the past year, we’ve seen many of our peers reduce massively, a step we did not want to take while cutting elsewhere, including capital budgets, discretionary spending and non-essential spending.”
Sinclair on February 24 reported a 7 percent declinein total revenue for the fourth quarter of 2020 compared to the fourth quarter in 2019. Total revenue for 2020 increased by 40 percent compared to 2019.
Sinclair operates approximately 190 television stations in 88 markets and owns several national networks.