In 2024, the media and entertainment industry will continue to deal with layoffs due to rising costs and mounting debts. Top companies in the sector have planned layoffs for the year. Paramount Global’s CEO, Bob Bakish, announced layoffs as M&A rumors circulate about the company’s future. YouTube, a subsidiary of Alphabet, also underwent its first corporate restructuring in a decade, leading to 100 job cuts. Universal Music Group is set to lay off hundreds of employees, as confirmed by a spokesperson. Disney’s animation unit, Pixar, is reportedly planning to lay off up to 20% of its employees. Business Insider, a subsidiary of Axel Springer SE, announced a staff cut of about 8%, while the Los Angeles Times eliminated the jobs of at least 115 staff members. Sports Illustrated faced layoffs last week after its publisher, Arena Group Holdings, had its license to operate the publication revoked.
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