Justin Sullivan
Comcast’s (NASDAQ:CMCSA) Sky is cutting about 4% of its workforce, or about 1,000 jobs, in the UK as the company shifts its focus to digital streaming.
Layoff talks are set to begin in the coming weeks, Financial Times reported, citing people familiar with the matter. Sky, which Comcast acquired in 2018, is accelerating its shift in strategy to streaming over the internet over its original satellite dish offering. Jobs like in areas like engineering, which include those who install the dishes, are likely to be at the greatest risk.
“Increasingly, customers are choosing Sky Glass and Sky Stream which don’t require specialist installation, and that has led us to change the number of roles we need to deliver our services,” the company said.
Sky cut hundreds of jobs in 2023. Last week, Paramount Global (PARA) cut more than 1,000 jobs as traditional media struggles to adjust to the dominance of streaming services.
Comcast is up 1.3% on Tuesday.