costcutting

Already considering cutting primetime programming in the 10 p.m. hour, NBCUniversal is now also mulling early retirement offers for veteran staffers age 57 and older. Sources tell The Hollywood Reporter that while no formal offers have gone out, the conglomerate is looking to save costs by offering buyout packages to select employees across the entire company who have been with the company for 10 or more years and who are age 57 and older. The voluntary early retirement offers are poised to be…

Google is shuttering its digital gaming service Stadia, the latest ambitious project to get cut as the company looks to shed costs.The gaming service, which launched in 2019 and runs on phones and the Chrome browser, "hasn't gained the traction with users that we expected," wrote Phil Harrison, a Google vice president, in a blog post Thursday. "We’ve made the difficult decision to begin winding down our Stadia streaming service,” he wrote.related investing newsCiti says Amazon and Alphabet are 'top picks' following fall…

Meta Platforms Inc. META -2.72% is planning to cut expenses by at least 10% in the coming months, in part through staff reductions, as the social-media giant confronts stalling growth and increased competition, according to people familiar with the company’s plans.The Menlo Park, Calif., company has begun quietly nudging out a significant number of staffers by reorganizing departments and giving affected employees a limited window to apply for other roles within the…

The company, which runs the social-media app Snapchat and whose business primarily relies on digital advertising, on Wednesday said it has seen 8% revenue growth so far in the current quarter, lower than earlier anticipated. Snap warned staff it may suffer a period of low revenue growth well into next year. “It has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses,” Snap Chief Executive Evan Spiegel said in a memo to staff. “We must now face…

Warner Bros. Discovery Inc. WBD 4.44% has scrapped “Batgirl,” a superhero movie with a star-studded cast that was to be sent directly to its HBOMax streaming service next year without a theatrical release.The decision underscores how the new leadership at Warner Bros.—one of the oldest and most storied Hollywood studios—plans to overhaul its distribution strategy for movies to try to maximize return. David Zaslav, the newly formed…

Electric vehicle maker Rivian is planning a "major" cost-cutting drive and will be "as thoughtful as possible as we consider any reductions," CEO RJ Scaringe wrote in a memo to employees. Scaringe sent the note in response to reports that Rivian is planning up to 700 or so layoffs, primarily among non-engineering teams. “This is not how we intended for you to hear about this,” he wrote. "We had hoped these very sensitive and complex conversations would have stayed within Rivian until we could address them more…