NBC’s news division is about to get a lot smaller.
The media company, which is owned by cable and internet company Comcast Inc. CMCSA, is already planning to spin off its cable news networks, MSNBC and CNBC, into a new company called Versant Media Group.
MSNBC will be called MS NOW, dropping the NBC from its name and the traditional peacock logo from identity. CNBC will keep its name but will sever some ties to the NBC brand.
“During this time of transition, NBCUniversal decided that our brand requires a new, separate identity,” MSNBC President Rebecca Kutler told employees this summer. “This decision now allows us to set our own course and assert our independence as we continue to build our own modern newsgathering operation.”
But now, NBC News is also shrinking the remaining staff once the separation is completed.
The NBC News workforce is getting smaller.
NBC News axes 150 employees, asks some to reapply for open roles
NBC News has started laying off 150 employees, representing about 7% of its workforce, ahead of the company’s separation from MSNBC and CNBC.
No NBC News anchors will be part of the layoffs, according to the New York Times.
Related: Nestlé CEO sends workers harsh warning
Some employees will be encouraged to apply for 140 active open roles across the company’s news operations, according to Variety, with about a dozen of the eliminated positions being repurposed as new roles.
“Today is a hard day,” NBCUniversal News Group Chairman Cesar Conde shared in a memo to staff. “We have had to make some difficult decisions, including the elimination of positions across NBC News. While these decisions are necessary to remain strong as an industry leader, they are not easy and are never taken lightly.”
We have sought to minimize the number of affected team members, and our teams’ decisions should not be seen as a reflection on our colleagues who will be leaving. We will miss them and their valuable contributions.
NBCUniversal News Group Chairman Cesar Conde
It wasn’t all bad news at NBC News, however.
The company is preparing to launch its subscription service later this year. It is also expanding its new Sports Hub as the NBA returns to NBC Sports after more than two decades, and as NBC News gears up for the Milan Olympics, the Super Bowl, and the World Cup on Telemundo in the coming months.
Comcast reports Q3 results on October 30
Comcast is scheduled to report its third-quarter earnings results before the opening bell on Thursday, October 30.
Analysts are expecting the company to report earnings of $1.10 per share on revenue of $31.7 billion, a decline from the $32.07 billion it reported in the year-ago period.
Comcast reported Q2 earnings of $1.25 per share, beating analyst estimates of $1.18. Revenue of $30.3 billion rose 2.1% year over year, driven by its best-ever quarter for wireless signups, adding 378,000 during the period.
However, domestic broadcast revenue at NBCUniversal fell 7% in the U.S. to $1.85 billion in the quarter. It was one of the lone blemishes in the company’s quarter as overall revenue rose nearly 2% to $6.44 billion, driven by a 19% increase in theme park revenue and an 8% increase from its movie studios division.
Related: Google quietly restricts generous workplace policy for employees