As an American gun-owning born-again Christian, I naturally regard Hollywood as unholy, indeed demonic and evil. It is just how I think. Thus, I delight in the thought, in my mind at least, that Hollywood might soon sink into the ground and return to the pits of hell, or at least the secular, economic modified version of this. Here is something on the current economic crisis, quite distinct from my eschatological ravings, which will have to do for the time:
“ViacomCBS has laid off 450 staffers across its New York offices, meaning an additional 333 people since a mid-January filing with the state. With Hollywood first-quarter earnings season now wrapped, sector giants have made clear that more of the financial pain of the novel coronavirus pandemic will, as expected, hit their results for the current second quarter, which started after the initial virus impact in March. With revenue dragged down across divisions — from the closed theme park units and film segments affected by shuttered cinemas, to TV networks, where advertising started tanking amid the crisis despite higher ratings — it is no wonder that management teams have in recent weeks unveiled furloughs, salary cuts and other measures to reduce their cost base. "There has been a very thoughtful process on behalf of management teams about treating employees with as much respect as possible in the current times," Wolfe Research analyst John Janedis tells The Hollywood Reporter. "Temporary furloughs and salary reductions across a large portion of the employee base are a very effective way to reduce the cost base in the short term; otherwise, layoffs would need to be dramatic." There have also been some recent job cuts at firms like Comcast's NBCUniversal and ViacomCBS that have been "related to synergies from M&A and to a lesser extent reorganizations," Janedis noted. It was no surprise though that entertainment industry management teams on earnings calls faced questions about cost savings, including potential staff reductions, beyond the measures unveiled so far.