Layoffs have recently been hitting cable TV companies hard as viewership drops and ad revenue continues to fluctuate. The Weather Channel, Local Now, and other properties owned by Allen Media Group have all been hit as the companies reportedly lay off 12% of its work force or about 300 employees according to the New York Post.
The impacts also hit the 27 local ABC, CBS, FOX, and NBC television stations in 21 markets that Allen Media Group owns.
Layoffs like this are growing as over the last year Paramount cut staff across the whole company multiple times.
According to reports, Allen Media Group is expected to see revenues jump in 2024 but its high debt forced it to make cuts. This move will allow the company to have some breathing room as it works to pay off debt after being unable to land a major merger to grow the company.
Over the last year Allen Media Group has offered to buy Paramount and some of Disney’s cable TV networks including the local ABC affiliates.
One of the fastest-growing streaming services in the United States is the Allen Media Group’s Local Now, which has successfully seen growth as cord cutters look for ways to cut back on costs and stream their content online.
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