Media Job Cuts Spike To Highest Levels Since 2009

The past three years saw the fewest job cuts in the media in a decade. But layoffs in the sector are once again on the rise.

Between January and September, companies in the media sector laid off more than 8,200 employees. That’s more than twice as many layoffs as the first nine months of last year. The cuts hit print and broadcast news, as well as entertainment.  

John Challenger, CEO of global outplacement firm Challenger, Gray & Christmas, says the layoffs partly reflect the long-term trend of people changing their habits of consuming news. But he says there’s another factor in play.

“Thomson Reuters announced 3,000 job cuts, and they were cutting jobs not because of changes in the way we consume media but because the financial sector has been continuing to see declines, the heaviest sector cutting jobs this year, in fact, in the U.S. economy, and there’s just lower demand for the company’s financial terminals.”

Other media outlets announcing major layoffs include Gannett and Disney-owned ESPN. NPR is seeking to cut its network staff by 10% through voluntary buyouts.

Announced Media Sector Cuts

 

January-September

Full Year

2003

6,964

9,611

2004

9,993

11,471

2005

5,978

9,543

2006

10,085

17,809

2007

10,046

11,700

2008

19,735

28,803

2009

21,602

22,346

2010

4,325

4,889

2011

5,868

7,720

2012

4,087

5,614

2013

8,239

??


Source: Challenger, Gray & Christmas
Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...