Sega Loses Big, Company Now Facing Significant Layoffs

More bad news in the form of financial results has surfaced today, this time from Sega and its results for the first three quarters of its 2009 fiscal year. This period, which ran through December 31, 2008, saw a total loss of 10.8 billion yen or $119 million USD, reports GamesIndustry.biz. It may not be as significant of a loss as the previous year's staggering $173 million loss during the same period, but needless to say, this isn't good news.

Following up on the news is word from Kotaku that Sega is poised to either close or sell 100 arcade centers in Japan, reduce research and development by 20%, and layoff 560 of the company's 3,100 employees. Layoffs are apparently in a voluntary phase currently, with those who surrender their jobs willingly to be let go next month. Things aren't looking up in the fourth quarter, either, as Sega is expecting the full fiscal year's losses to exceed $235 million.

The layoffs will hopefully be sufficient in getting Sega back on track of profitability. One thing for sure to come out of this is that, as sweet as they are, you can kiss those dreams of a Dreamcast 2 goodbye.

Source : 1Up
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]

Time Warner To Layoff 1,250

The cable company just announced its charging you more for service, and now comes word it will let more than a thousand employees go in a cost cutting move. The Syracuse area Time Warner spokesperson has "no comment" on any possible local losses.

Time Warner Cable Inc. says it is laying off 1,250 people over the next few weeks in the face of slowing growth at the nation's second largest cable operator.

The New York-based company expects to save $90 million a year from the job cuts.

The layoffs are in addition to the 500 jobs lost last year as the company restructured into six regions from about 24.

Earlier Wednesday, Time Warner Cable reported a net loss of $8.16 billion, or $8.36 cents per share, in the fourth quarter including a $14.82 billion charge to write-down the value of cable franchise rights and a loss of $13 million on the sale of cable systems.

It earned $327 million, or 33 cents per share, a year earlier.

Revenue rose 8 percent to $4.4 billion.

Source : MSNBC
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]

Bloomberg to cut 100 U.S. broadcast jobs

Bloomberg LP will cut 100 television and radio jobs in the first layoffs since it was founded in 1981 by now-New York Mayor Michael Bloomberg.

The news and financial data provider will cut the jobs in the United States, 45 of them from its newsroom staff, spokeswoman Judith Czelusniak said, adding that Bloomberg might cut other jobs in Britain, Europe and Japan.

"It is a restructuring really needed in order to make programming changes and a network that really leverages our global bureau system and infrastructure," Czelusniak said.

Multimedia operations, which include broadcast, are overseen by former NBC television executive Andrew Lack. Lack took over last year from Matt Winkler, who founded Bloomberg's news operation and still heads the news group.

The Los Angeles Times reported the job cuts on its website on Tuesday evening. They come shortly after the departure of Bloomberg Television Managing Editor John Meehan.

The cuts include canceling the "Night Talk" TV show with host Mike Schneider.

The New York Post reported on Wednesday that Bloomberg's TV and radio operations both are losing an estimated $20 million a year. Czelusniak declined to comment on that report.

Czelusniak confirmed that Bloomberg generates about $6 billion in annual revenue, a figure cited by the Los Angeles Times.

The company, which competes with Thomson Reuters Corp (TRI.TO) (TRIL.L), employs about 10,500 people worldwide, with more than 6,500 in the United States.

It employs more than 2,300 news staff, including 1,500 print reporters and about 850 workers in multimedia. It is adding about 70 print news jobs, Czelusniak said.

Bloomberg has avoided cutting jobs, even at times when other media outlets have.

Like other financial media, Bloomberg is trying to deal with thousands of job cuts at banks and other institutions where it sells its news and data.

Czelusniak said the company plans to hire about 1,000 people this year, but net additions will be lower because of the planned job cuts.

Source : Reuters
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]

Disney plans 5 percent job cuts at ABC division

* Lays off about 200 people at ABC
* Freezes another 200 jobs
* Reductions equivalent to 5 percent of ABC workforce

Walt Disney Co (DIS.N) plans to lay off 200 people at its ABC division, a Disney executive familiar with the situation said, underscoring the media industry's struggle with sliding ad sales.

The media giant intends to also freeze 200 vacant jobs, resulting in an overall, 5 percent reduction of Disney-ABC TV Group's workforce of about 6,500 to 7,000, said the Disney source, who declined to be identified because the cuts had not been made public.

Disney said last week it planned to combine its two ABC divisions -- ABC Entertainment and ABC Studios -- into one umbrella organization, hoping to streamline the twin business units. [ID:nN22549756]

"After months of making hard decisions across our businesses to help us adjust to a weakening economy, we're now faced with the harsh reality of having to eliminate jobs in some areas," Anne Sweeney, co-chair of Disney-Media Networks and president of Disney-ABC Television, said in a memo sent to workers and obtained by Reuters.

"This was not an easy decision, nor one made lightly. The people affected today are our friends and colleagues, and we are doing all we can for them and their families during what we know will be a difficult transition."

ESPN, the sports cable network run by Disney, also plans to cut 200 jobs from its workforce of about 5,700 worldwide, an ESPN executive told Reuters. Those cuts were announced Wednesday by ESPN and ABC Sports President George Bodenheimer in a taped address on the firm's internal Web site.

Disney, as of September, employed about 150,000 people.

Disney, which like other media firms is trying to offset declining growth in advertising revenue, has also sent voluntary buyout offers to 600 executives at its domestic theme parks, to cut costs.

Estimates made late last year called for U.S. advertising spending to drop between 5 percent and 10 percent in 2009.

Disney is the latest, but probably not the last, to announce lay offs, and may have more cuts in store as it seeks to deliver the cost reductions Chief Executive Robert Iger promised.

Time Warner Inc's (TWX.N) Warner Bros Entertainment last week announced 800 job cuts; General Electric Co's (GE.N) NBC Universal, CBS Corp (CBS.N) and Viacom Inc (VIAb.N) made job cuts last year.

News Corp NWSa.O has not announced any job cuts at its studios.

Shares of Disney closed down 4.6 percent, at $21.25, on Thursday on the New York Stock Exchange.

Source : Reuters
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]

Warner Bros. to cut 800 jobs as Hollywood downsizes

Warner Bros. Entertainment on plans to cut 800 jobs, or 10 percent of its worldwide staff, as Hollywood outsources and downsizes under the weight of the current recession.

The job cuts at Warner follow staff reductions at other major media companies. General Electric Co's (GE.N) NBC Universal and Viacom (VIAb.N), owner of Paramount, have already cut jobs.

Studio chiefs of Time Warner Inc's (TWX.N) Warner Bros, the producer of the smash hit "The Dark Knight," sent an email to employees worldwide saying they will have to cut jobs in coming weeks due to the current economic downturn.

Time Warner's stock fell 49 cents or 5.1 percent to $9.12 a share in afternoon trade.

"We are very sad to announce that based on the global economic situation and current business forecasts, the studio will have to make staff reductions in the coming weeks in order to control costs," wrote Barry Meyer, chairman and chief executive, and Alan Horn, president of the studio.

Industry insiders expect more belt-tightening at Walt Disney Co (DIS.N) and Sony Corp's (6758.T) Sony Pictures.

Sony Pictures' parent company has already announced 8,000 job cuts, chiefly from its electronics division, but Hollywood insiders say they believe the studio will follow suit.

"Not surprisingly, costs are a focus," said Chris Marangi, an analyst at Gamco Investors, which holds Time Warner and Time Warner Cable Inc (TWC.N) shares, referring to Hollywood overall.

"There are both cyclical and secular issues with film production. For many years, there has probably been too many movies being produced and a cyclical downturn has forced some rationalization. You're seeing this across the board," he said.

In the email Horn and Meyer said that despite the company's solid performance in 2008, the decision reflected changes necessary for stability and growth going forward.

"The changing entertainment business landscape, shifting consumer demand and the overall state of the economy have affected companies around the world, and Warner Bros. is not immune to these factors," they said.

The executives said that as part of the cost cuts, they would outsource certain U.S.-based functions, such as management information systems and accounts payable.

A spokesman said 200 open positions worldwide would be eliminated, 300 jobs would be outsourced. Of the 300 jobs to be outsourced, 100 people would be offered jobs at the company to which their positions would be outsourced.

Another 300 staff will be laid off.

Source : Reuters
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]