Peter Kafka

Recent Posts by Peter Kafka

Next Up for Media Layoffs: ABC?

Yesterday, two of the world’s biggest media companies fired 1,350 people. Which just means there are many more to go.

So says Barclays Capital analyst Anthony DiClemente, who probably isn’t going out on a limb here. Yesterday’s cuts from Viacom (VIA) and GE’s (GE) NBC–850 and 500 jobs, respectively–are actually “small in aggregate,” he argues. So who’s next?

Pretty much anyone that hasn’t made significant cuts will have to do so soon, DiClemente says. He singles out Disney (DIS), and specifically “its underperforming divisions, including the ABC Network” as a logical candidate. But DiClemente doesn’t get any more specific about the number of people he thinks Disney will or should fire, other than noting it has a lot of workers (see Barclays chart below; click to enlarge). I’ve asked him for additional color and have asked Disney for comment, as well; not holding my breath, though.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work