Dwindling advertisements and a serious disruption in circulation of newspapers and magazines have forced media houses to take drastic steps — from slashing the number of pages and shutting printing to lay-offs, salary cuts and leave without pay for employees.

The print media is reeling under the impact of circulation and advertising both  dropping precipitously during the lockdown. Myths and paranoia about the virus spreading  through newspapers have only added to the problem.

Since shutdowns to combat the virus began, things have gotten much worse, as advertisers halted spending and publishers slashed more journalists’ jobs and hours despite the public’s need for information on the pandemic.

Cuts to the industry have accelerated so greatly that groups representing journalists have taken a maybe unprecedented step and asked the governments to help, by keeping the industry afloat financially during the pandemic and seeding its resurgence once the economy begins to recover.

Comcast Corp owned NBCUniversal is evaluating a significant reduction of staff across its portfolio of media and entertainment properties as part of a cost-cutting effort, the Wall Street Journal reported citing people familiar with the matter.

Discussions began this week regarding cost-cutting measures, including layoffs, according to the report.

Along with its industry peers, NBCUniversal is taking a financial hit from the coronavirus outbreak which has shuttered movie theaters and theme parks. The company has temporarily closed its theme parks and suspended its sports productions and most of its film and TV production.

Although all divisions are being looked at, some areas likely to be under a microscope at NBCUniversal are the theme-parks division and Universal Pictures, the WSJ reported.

The company, which reported its results earlier this week, said its quarterly revenue at the filmed entertainment unit fell 22.5% this quarter from a year earlier, while revenue at theme parks fell 31.9%.

Last month, Walt Disney Co said it will start furloughs of non-essential U.S. employees across the company.

Source- Reuters