DirecTV is set to lay off hundreds of employees, around 10% of the upper ranks of their management staff, as the company aims to reduce costs as cord cutting continues to accelerate, according to CNBC.
“The entire pay-TV industry is impacted by the secular decline and the increasing rates to secure and distribute programming,” a DirecTV spokesperson said in an official statement. “We’re adjusting our operations costs to align with these changes and will continue to invest in new entertainment products and service enhancements.”
Most of the layoffs will come at the manager level, which make up half of DirecTV’s fewer than 10,000 employees, with the affected employees’ last day projected to be on January 20th.
It comes as the company struggles to stay afloat as DirecTV reportedly lost around 500,000 customers in its most recent quarter, according to ratings agency Fitch, but despite that the company recently accelerated to nearly 17%, according to MoffettNathanson.
DirecTV recently lost the NFL ‘Sunday Ticket’, which had been the center of it’s offerings for years, but only a small portion of employees connected with the NFL programming package.