US satellite TV giant DirecTV lays off 10% of managerial staff

[January 12, 2023](Comprehensive report by Epoch Times reporter Li Xin) American satellite TV giant DirecTV said that it isdownsizinghundreds of people, most of themmanagerial staffaccounting for about 10% of its senior employees.

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“entirePay TVThe industry has been affected by the long-term decline and the rising costs of program security and distribution. “We are adjusting our operating costs to accommodate these changes and will continue to invest in new entertainment products and service enhancements,” the company said in a statement. “

The company said in an email to employees on Friday (January 6) that mostdownsizingIt will be done at the manager level.An informed source toldUS Consumer News and Business Channel (CNBC), Among DirecTV’s nearly 10,000 employees, managers account for about half. Most of the furloughed employees will leave on Jan. 20.

In 2021, AT&T spun DirecTV out of its business, retaining a 70% stake in the newly independent company and selling the other 30% to private equity firm TPG Inc.

According to credit rating agency Fitch Ratings, DirecTV is the third-largest U.S.Pay TVprovider, behind only Comcast and Charter.

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Fitch said the satellite TV provider’s subscription decline has accelerated recently, losing 500,000 subscribers in the latest quarter and now stands at about 13.3 million.

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While DirecTV’s rate of subscriber loss slowed during the height of the COVID-19 pandemic, it has accelerated recently, costing the company nearly 17% of subscribers, according to research firm MoffettNathanson.

DirecTV and the rest of the industry have been under pressure as more subscribers switch from pay-TV to streaming services, particularly satellite TV providers like DirecTV and Dish, which have seen the biggest losses in pay-TV subscribers in recent years. . The trend set a new record in the third quarter of 2022, with total pay TV subscriptions down 6.3%, according to MoffetNathanson.

Responsible editor: Lin Yan#