Comcast Corp.’s (NASDAQ:CMCSA) NBCUniversal is reportedly cutting jobs within its streaming unit, with the majority of reductions hitting Sky, the European media arm, and a smaller number affecting US-based staff.
Cuts to Streaming Tech Unit
A spokesperson for NBCUniversal told Business Insider that engineering and quality-assurance employees are “proposing changes” to the Global Streaming Technology organization “to ensure we have the right structure and resources in place for future growth and enable us to better serve our customers and partners.”
The exact headcount impact wasn’t disclosed and will depend on employee consultations, as required under UK labor law for the Sky-based cuts, the report added, citing people familiar with the move.
Employees affected by the downsizing were informed of the cuts on Wednesday.
Comcast and NBCUniversal did not immediately respond to Benzinga’s request for comment.
Cuts Come Ahead of NBCUniversal-Comcast Split
The move comes as NBCUniversal prepares to become a standalone company.
Comcast announced in June that it will spin off NBCUniversal and Sky into an independent, publicly traded entity in a tax-free transaction expected to close in roughly a year, with Comcast retaining up to 19.9% of NBCUniversal afterward.
According to a Reuters report on Thursday, Disney plans to cut several hundred jobs in its HR and technology teams, following roughly 1,000 roles eliminated in April.
How Have Shares Performed?
Comcast’s shares have declined 22.54% so far this year and 25.16% over the past year.
Price Action: On Thursday, the stock fell 0.28% to close at $21.7 and rose 0.44% in pre-market trading to $21.8, as per Benzinga Pro.
Benzinga Edge rankings indicate Comcast’s stock has a Momentum score in the 9th percentile and a Growth score in the 37th percentile.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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