DirecTV Sets Layoffs Of Hundreds Of Workers, Citing “Secular Decline” Of Pay-TV

deadline.com:

DirecTV is laying off hundreds of workers, most of them managers, in a staff reduction spurred by cord-cutting. Most of the layoffs will affect managers at the company, a classification for a bit less than half of the company’s workforce, according to a person familiar with the move.

About 10% of all managers will be affected, out of a total workforce in the range of 10,000. Employees were notified last week about the cuts, which take effect on Jan.

20. AT&T spun off the satellite TV operator in 2021. It is now a private entity controlled by AT&T and TPG, with the private equity firm owning a 30% stake. “The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming,” a company spokesperson said in a statement. “We’re adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements.” DirecTV’s businesses include its primary satellite service as well as the U-verse cable system and the internet-delivered DirecTV Stream.

As a private company, it does not report subscriber numbers, but the trend for the entire industry has been heading downward over the past decade.