Media Madness – Media Industry’s Job Cuts ✂

Media Madness – Media Industry’s Job Cuts

The media and news industry had a rather busy start to the week as every part was affected by some sort of major announcement. From politics to sports, this industry is often controversial and has been highly scrutinized in the past decade for unfortunate reasons, with some of the moves being a byproduct of that.

In the politics realm, host Tucker Carlson and Fox parted ways in a surprising yet understandable move, given that Carlson became the highest rated host in primetime cable news. There are many adjectives to describe Tucker Carlson, and the sentiment behind each one varies greatly depending on who you ask, a great snapshot of how polarized America is. Fox News is known to be a right-wing news network, and they have played a major role in the polarization of America along with other news networks like CNN. This comes just a week after Fox announced a settlement in the lawsuit with Dominion Voting Systems amounting to $787.5 million, where anchors like Tucker Carlson repeatedly spread lies about the company in the wake of the 2020 election while knowing those claims were false.

Speaking of CNN, they fired controversial host Don Lemon on Monday, two months after making an off-handed comment about Republican presidential candidate Nikki Haley. This marks the second anchor to be removed by CNN after Chris Cuomo, which isn’t a good look for the company.

In sports media, Disney began layoffs at ESPN as part of its plan to cut 7,000 jobs from the company, with executive Russell Wolff being one of the bigger departures. Purely a cost-cutting move, it’ll be interesting to see if any of our favorite ESPN hosts depart in the next waves of layoffs.

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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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