2018 Media Cuts Report: Highest Number of Cuts Since Recession
Consolidation, declining revenue, combative language from the Trump Administration, and occasional violence marked 2018 for members of the media. It was also the year with the highest number of job cut announcements in the sector since 2009, according to the monthly Job Cut Report compiled by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.
Last year, media companies, which include movies, television, publishing, music, and broadcast and print news, announced plans to cut 15,474 jobs, 11,878 of which were from news organizations. That’s 281 percent higher than the 4,062 cuts announced in the media sector in 2017.
In fact, it is the highest total since 2009, when media organizations announced plans to cut 22,346 jobs.