Last week was a dreadful week for many in the media business, as three major employers began their attempts to layoff over 3,000 employees.
The three major media outlets–Yahoo, CBC and Gannett–began their terminations for a variety of reasons. Yahoo announced that it was going to cut 2,000 jobs to “turn around the pioneering Internet company and make it once again relevant,” and the NY Times reported that Yahoo’s officials declined to comment on the drastic cuts.
Meanwhile Gannett, infamous in the journalism community for its buyouts, is beginning another round of job cuts. According to a corporate memo, the company is offering 594 buyouts and giving qualifying employees 45 days to accept the offer.
And the Canadian Broadcasting Channel, a domestic media mainstay north of the border, is laying off 650 employees after what it called a “punishing” federal budget. The Canadian broadcaster will look to cover its bases as it faces nearly $200 million in losses.
Unemployment hits 4-year low: In other industries, this trend is non-existent. On Thursday, the U.S. claimed that unemployment applications were down to 357,000–the fewest since April 2008. This was, in part, due to employers adding an average of 245,000 jobs per months since December.
Groupon in financial trouble: Once the apple of every industry eye, Groupon’s woes have piled on since it became public last quarter. After a fourth-quarter loss to open its life on the stock markets, the Chicago-based daily deals site said that it lost even more money than first reported.
‘Hunger Games’ still reigns supreme: By now, everyone knows about the post-apocalyptic film’s wild success, but last weekend, the “Hunger Games” took in another $33.5 million in its third week in theaters.