Comcast Corp.'s (CMCSA) NBCUniversal has started laying off employees across its entertainment portfolio, including its sports and cable channels, movie studio and theme parks, according to a report in The Wall Street Journal ( ). The job cuts are expected to be held to less than 10% of staff, which totals 35,000 full-time employees, the WSJ report said, which cited people familiar with the matter. The layoffs comes after months of speculation, as the media company grappled with the effects of the COVID-19 pandemic, which included theme park closures, the postponement of movie releases and declines in advertising at its TV properties, the report said. Comcast's stock, which rose 0.4% in midday trading, has lost 4.3% year to date, while the S&P 500 has gained 2.1%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 04, 2020 12:32 ET (16:32 GMT)
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