Fox Entertainment Undergoes Layoffs Following Restructuring

deadline.com:

Fox Entertainment is the latest media company to implement staff reductions, eliminating 30 positions today. The cuts stem from the company’s realignment of content and business operations into three groups, the Fox Television Network, Fox Entertainment Studios and sales arm Fox Entertainment Global, which was announced in March.

The layoffs involve employees across all three divisions, the first two headed by Michael Thorn (network) and Fernando Szew (studios).

Search for a new head of worldwide content sales is still ongoing, with Tony Vassiliadis leading the team in the interim. “While there are many exciting aspects to realizing our path forward, one of the most difficult phases in any reorganization is recognizing where redundancies exist and how evolving priorities affect our team,” Fox Entertainment CEO Rob Wade said in a memo to staff today, addressing the layoffs (you can read it in full below). “This step was solely related to aligning our business operations, ambitious growth strategies and the dynamics of our industry today.” The last remark is a reference to the rough times traditional media companies are going through right now amid a soft ad market — despite the influx of spending on political ads and live sports — as pay-TV continues to decline markedly and ad dollars are migrating to digital platforms.

That has resulted into an industrywide wave of staffing cuts, most recently at Warner Bros. Discovery earlier this week. Forecasts are generally brighter for the overall ad business, with PwC this week calling for global revenue by 2028 to double 2020 levels.