According to multiple reports, Sinclair Broadcasting Group is making “company-wide cuts” of its workforce due to the “profound impact” of the COVID-19 pandemic.
A spokesman for Sinclair Variety told that the company is letting go of 5 percent of its workforce. The company employs more than 9,211 people, which means that approximately 460 staff will be affected.
The spokesman said in a statement to Variety that the impact of the pandemic “can still be felt in all sectors of the economy, something that could have a profound impact on a company as diversified as ours.”
“From local businesses and advertisers to distributors and partners, no part of our company’s ecosystem is fully protected from the effects of the global pandemic,” the statement said. “In response to this, we are currently undergoing company-wide reductions in our workforce, including corporate headquarters, to ensure we are well positioned for future success.”
In a memo obtained by the staff CNN Business, Said Chris Ripley, CEO of Sinclair, that the decision was “not taken lightly”.
“Over the past year, we’ve seen many of our colleagues make massive cuts, a step we haven’t taken while making cuts elsewhere, such as in capital budgets, discretionary spending and non-essential spending.”
Sinclair on February 24 reported a 7 percent decreasee in the total revenue for the fourth quarter of 2020 compared to the fourth quarter in 2019. However, the total revenue for 2020 has increased by 40 percent compared to 2019.
Sinclair operates approximately 190 television stations in 88 markets and owns several national networks.