Fox News Media expects to cut less than 3% of its overall workforce as the unit, the financial engine of parent company Fox Corporation, strives to make its operations more efficient after a period of expansion.
“As we have evolved into a streamlined, multiplatform organization, we are realigning several functions and restructuring various divisions in an effort to meet the creative and business needs of a modern media company,” said Suzanne Scott, CEO of Fox News Media, in a note to employees. The number of people affected would be less than 80, and the decision will include posts of all ranks, with the exception of on-air presenters, journalists and contributors.
Many media companies have had to contend with more difficult economic conditions put in place by the coronavirus pandemic, but Fox News’ decision would be based on a desire to operate more efficiently because the company, under the leadership of Suzanne Scott, has grown to encompass new digital technologies. and broadband operations.
Fox News’ hairstyling and makeup staff are said to be the most affected, as the function of that operation has changed dramatically in recent months. Guests will no longer benefit from makeup and hairstyling services, which are relegated to anchors and contributors. All affected employees would receive enhanced severance and benefits.
In Fox Corporation’s last fiscal quarter, the company saw a 4% drop due to a slump in advertising, sports TV shows, and scripted programming – all resulting from the pandemic. But Lachlan Murdoch, the company’s executive chairman and CEO, said on a call with investors that Fox News’s operations are strong. “We are preparing the 2020 schedule to have our highest-rated prime-time year in network history, with total viewership up 39% from 2019,” he told the ‘era. “Our content programs now regularly attract approximately 4 million viewers per night.”
Fox News Media has scaled back and realigned its operations in the past. In 2017, the company combined the graphics services of Fox News Channel and Fox Business Network to create a new multimedia production unit.
[Updated, 1:26 PM PT]
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