Last Wednesday, October 15th, termination notices were provided to 150 employees of the news group. This termination wave comes alongside the continuing degradation of the NBC News group, which has been having financial issues in recent years.
The layoffs have been expected for some time, if you have seen the decline in the TV ratings and ad revenue that the organization has suffered. In general, the draw of traditional TV channels has been in a steady decline with the availability of streaming services.
Streaming services have been the natural enemy of traditional TV channels since they have risen to mainstream prominence. Streaming services allow consumers to watch exactly what they wish to watch instead of watching a pre-determined channel plan they have no influence over. Streaming services allow consumers to pick and choose which parts of a broadcast they wish to watch.
The National Broadcasting Company (NBC) has also seen issues with dealing with its competitors, such as Fox News and CBS. This is in tandem with the split occurring with NBC’s splinter cable networks, MSNBC and CNBC. The two cable networks are expected to split off and become part of the new company Versant.
With the two spinoff networks moving to a new company, this has also led to NBC no longer sharing resources with the two networks. All these factors have led to a decline for the broadcasting company and resulted in the need to start cutting costs wherever they can.
NBC is one of those networks that you take for granted in the modern day. They have been a constant presence in the broadcasting scene for decades, and it is unfortunate for them to be in decline.
