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Sinclair Broadcast Group to Lay Off 5% of Workforce

Signage stands outside the Sinclair Broadcast Group Inc. headquarters in Cockeysville, Maryland, U.S., on Friday, Aug. 10, 2018
(Image credit: Andrew Harrer/Bloomberg via Getty Images)

Sinclair Broadcast Group is laying off approximately 5% of its workforce, the company announced Wednesday.

Sinclair cited the impact of the pandemic on the company as the reason for the layoffs, saying "we are currently undergoing enterprise-wide reductions across our workforce, including corporate headquarters, to ensure we are well-positioned for future success."

The company recently reported fourth-quarter earnings, seeing higher profits despite a 7% drop in revenue. In reporting its Q4 earnings, Sinclair also announced it had acquired the remaining 73% interest in ZypMedia for an undisclosed amount. 

Also Read: CEO Chris Ripley Likes Sinclair’s Gamble on Local Content

Read Sinclair's full statement on the layoffs below:

"The impact of the COVID-19 pandemic continues to be felt across all sectors of the economy, something that can have a profound impact on a company as diversified as ours. From local businesses and advertisers to distributors and partners, no component of our business’s ecosystem has been fully shielded from the impact of the global pandemic. In response to this, we are currently undergoing enterprise-wide reductions across our workforce, including corporate headquarters, to ensure we are well-positioned for future success. These reductions represent approximately five percent of our workforce."