Latest from Next TV in Cost-cutting

Nielsen Laying Off 3,500 in New Cost-Cutting Plan

jon.lafayette@futurenet.com (Jon Lafayette) — Tue, 07 Jul 2020 12:24:03 +0000

Nielsen announced a new plan to cut costs and create operational efficiencies that will result in the reduction of its global workforce by about 3,500 employees.

The company expects that plan to generate savings of about $250 million annually after taking a 2020 pre-tax restructuring charge of about $150 million to $170 million dollars. Nielsen had estimated that the charges would total between $120 million and $140 million.

Nielsen also estimates $40 to $50 million of non-cash, pre-tax impairment charges in the second quarter related to these planned exits.

As part of the plan, Nielsen said it will exit selected businesses and markets, but didn’t specify in its announcement.

“As discussed on our earnings call in April, we have increased our focus on platform consolidations, further automation, optimizing our global footprint, and ensuring that our resource allocation aligns with high-margin essential services,” said Nielsen CEO David Kenny. “Today's plan encompasses, accelerates, and expands on those initiatives. These restructuring actions will further expedite our transformation to a more efficient, agile, and scalable organization and are designed to drive sustained margin expansion and increased cash generation.”

Nielsen last year announced plans to split into two companies, one focused on global media measurement, the other Nielsen Global Connected. The completion of the spinoff was delayed by the COVID-19 pandemic and the deal is not expected to close till early 2021.

The company had been under pressure from investor Elliott Management, which owned a 13% stake and had been critical of Nielsen’s financial performance.

Fox Eyes $250M in Cuts

Mike Farrell — Mon, 01 Feb 2016 21:00:00 +0000

21st Century Fox is seeking to cut $250 million in expenses this year and is looking to employees for voluntary buyouts and greater cost efficiencies.

In a memo to employees Monday, Fox Networks Group CEO Peter Rice said the company needs to "adjust, adapt, and organize for the future," adding that the company will be "undertaking some structural changes, increasing investment in some parts of the company while making cost reductions in other areas."

In the past 18 months Fox has reorganized Fox Sports; expanded FX Networks and combined its ad sales teams; created National Geographic Partners; and, most recently, restructuring its international channels.

"As the next step in this reorganization, colleagues who fit a specific set of criteria will be offered a generous benefit package if they decide to voluntarily resign from the company, effective May 23, 2016," Rice wrote in the memo. "Colleagues who are eligible for this offer will receive a confidential email in the next few hours with specific terms and benefits. Again, the program is completely voluntary."

Just how many employees will be affected remains to be seen but reports suggest that the reductions are not expected to be heavy. Other programmers have weathered staff reductions to cut costs in the wake of ad revenue declines and ratings pressures, including Viacom and Time Warner's Turner Networks.

CNN Cuts 'Crossfire,' 'Unguarded' Amidst Turner Cost Austerity

MCN Staff — Wed, 15 Oct 2014 23:00:00 +0000

A number of CNN shows have evidently got caught in the crossfire of Turner Broadcasting System's belt tightening and workforce reduction.

Crossfire, Unguarded, CNN Money With Christine Romans and Sanjay Gupta, M.D. are casualties of sluggish ratings and cost-austerity.

For Crossfire, the cut comes little more than a year after CNN revived the show. Hosts Newt Gingrich, S.E. Cupp, Stephanie Cutter and Van Jones will redmain with the network as political commentators. Some of the staff had already been integrated into other parts of CNN, following the show going on hiatus in March.

Sports interview series Unguarded, helmed by former ESPN reporter Rachel Nichols, is also off the news network's roster. Nichols will remain as a contributor with CNN and host primetime specials, while continuing to work with Turner Sports.

Romans remains with the network with morning show Early Start and continue to service as a chief buisness anchor.

Gupta's show will be phased out and his group will refocus on breaking news coverage.

The cancellations come amid staff cuts and buyouts that are restructuring Time Warner's Turner under its 2020 plan to pare costs and boost ratings.