layoffs

Sports Illustrated Lays Off Their Entire Staff

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Sports Illustrated has informed its entire editorial staff that they will be laid off. According to a screenshot of the email staffers received on January 19, the parent company of SI‘s parent company, Authentic Brands Group, informed SI‘s parent company, the Arena Group, that it was revoking SI’s brand license. The future of the SI brand itself remains unclear. Arena Group acquired the publishing rights for SI from ABG in 2019. That marked SI‘s second owner in as many years after being sold by Meredith Publishing in 2018, who sold to ABG in 2019.

SI employs nearly 1000 people, per the latest employment reports. Once the pinnacle of sports media, SI will now become the latest sports outlet to clean house. In October 2019, G/O Media cleaned house at Deadspin. Meanwhile, Vox Media has levied several rounds of layoffs at SB Nation since the pandemic. This included entirely removing their hockey and soccer verticals in 2023. However, this is sadly a trend that will continue as private equity continues to acquire more and more legacy media brands.

Read More: Cowboys Cheerleaders Accuse Packers Players Of “Unsportsmanlike Conduct”

Pitchfork Absorbed Into GQ

Furthermore, Sports Illustrated is not even the first outlet this week shuttered by its parent company. Pitchfork, often seen as the industry standard for music journalism, would cease operation as an independent publication. Instead, it would be folded into GQ as a vertical. Both publications are owned by Conde Nast, the publishing giant that also owns Vogue amongst many other publications.

“We have fought together as a union to maintain the standard of this storied publication that we love, and to make sure our workers are treated fairly for the value they bring to this company. It is a fight we will continue,” Mitch Goldich, a union unit member at SI, said in a statement. Furthermore, the guild also called for Authentic Brands Group to “ensure the continued publication of SI and allow it to serve our audience in the way it has for nearly 70 years.”

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Stephen A. Smith Tells Haters To “Kiss My A**”

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A lot has been made about the recent talent cuts made by ESPN. It’s the latest cost-saving measure made by Disney after they made a paltry $82 billion last year. In a similar move, National Geographic, which Disney also owns, fired its entire writing staff and will move to a digital-only production. However, for many sports fans, the ESPN cuts ran especially deep. Not only did engaging and beloved contributors like Jalen Rose and Keyshawn Johnson get the axe, but the company also laid off some true legacy stars. Max Kellerman had been with ESPN since 1998, for example. The aforementioned Johnson was laid off after 15 years with the broadcaster.

Obviously, a few big names escaped this round of layoffs. Pat McAfee, who will join ESPN this fall, received a large amount of criticism for officially signing his massive contract with the company in the wake of the layoffs. Meanwhile, Stephen A. Smith also remains at the company. Smith is somewhat of a divisive figure for many. Building his brand as a talking head, many see him simply as a “hot take factory” whose job it is to boost ESPN‘s engagement. However, Smith is also a diligent and insightful journalist who usually has a reason behind whatever wild thing he is saying on First Take that day. However, in true Stephen A. fashion, Smith took to The Stephen A. Smith Show to address people who wished that he had been laid off.

Smith Addresses Haters

“Let me address something,” Smith began. “To some of the haters out there about me. Y’all can kiss my ass. Twice. I’m talking directly to the people in the industry who sat up there and said ‘Why isn’t Stephen A. gone?’ Ladies and gentlemen, we got a few people here at ESPN getting paid more than me. They don’t have the number one show, the top ratings. They don’t generate more revenue. How come y’all don’t bring their names up? And by the way, none of them are Black.”

He continued. “How come you don’t bring their names up? I wonder why? I’m talking to those folks, the critics in the media, or the wannabe media with the blogosphere and websites that never went through the terrain of being members, official members, of the fourth estate. I’m talking about them. How come y’all don’t bring them up? But me, who’s been number one, who’s got the top-rated show. Who, by the way, is an executive producer on that top-rated show. My name comes up.”

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Antonio Brown Claims He’s Joining ESPN After Layoffs

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Antonio Brown says that he’s joining ESPN after the outlet announced the layoffs of 20 popular employees, earlier this week, including Todd McShay, Keyshawn Johnson, Suzie Kolber, Steve Young, and others. The former NFL wide receiver claimed to be joining the network on Twitter, Saturday.

“Excited to announce my new partnership @ESPN,” he wrote in the post. Despite the claim, it’s unlikely the network is actually bringing him on. Brown has previously said he’s joining the Baltimore Ravens and Fox Sports’ Undisputed, neither of which came true.

Read More: Antonio Brown Explains Viral Gold Grill Photo From Central Michigan

Antonio Brown With Tom Brady On The Bucs

TAMPA, FLORIDA – JANUARY 03: Antonio Brown #81 of the Tampa Bay Buccaneers celebrates a touchdown with Tom Brady #12 during a game against the Atlanta Falcons at Raymond James Stadium on January 03, 2021, in Tampa, Florida. (Photo by Mike Ehrmann/Getty Images)

As for the ESPN layoffs, the company didn’t explicitly name which employees they were letting go, but they issued the following statement amid the reports: “Given the current environment, ESPN has determined it necessary to identify some additional cost savings in the area of public-facing commentator salaries, and that process has begun,” ESPN said in a statement. “This exercise will include a small group of job cuts in the short-term and an ongoing focus on managing costs when we negotiate individual contract renewals in the months ahead. This is an extremely challenging process, involving individuals who have had tremendous impact on our company. These difficult decisions, based more on overall efficiency than merit, will help us meet our financial targets and ensure future growth.”

Several members of the on-air talent confirmed their departures on social media after reports began surfacing. Among them are Suzy Kolber, Ashley Brewer, Joon Lee, and more.

Antonio Brown Announces ESPN Partnership

While there are layoffs at ESPN, the company is bringing in new talent as well. The network recently announced the acquisition of The Pat McAfee Show. McAfee reacted to the layoffs on Twitter, afterward, remarking that he is still “pumped” to join ESPN with the goal that “mass exits are never a thing again.”

Read More: “The Pat McAfee Show” Moves To ESPN

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Disney Fires Entire Metaverse Division

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No company is stranger to cost-cutting efforts, but Disney’s latest efforts have employees wondering who’s next on the chopping block. The house of mouse has fired an entire division, and this is only the beginning. Disney’s 2023 box office earnings have already topped a billion dollars just three months into the year, and the company wants to continue to capitalize on its earnings and cut costs. The Next Generation Storytelling & Consumer Experiences group, responsible for Disney’s Metaverse efforts, only accounted for about 50 employees. That is disturbing considering that Disney plans to lay off a total of 7,000 people.

These cuts come as part of an effort to restructure the company by Bob Iger, former CEO of Disney. After Bob Chapek was abruptly fired in 2022, he stepped in as interim leader. Many may remember that Iger was the head of Disney during some of its most pivotal moments. It was under his leadership that the company acquired both Pixar and Marvel Studios. Iger was also at the helm when Disney acquired Lucasfilm. These were arguably some of the most important decisions made in the history of the entertainment business. It’s undeniable: Iger is a formidable leader with unmatched success. It’s really no surprise that he was asked to step in after Chapek was let go.

More Disney Layoffs Coming: Who’s Next?

Bob Iger’s bloodbath began with a memo sent out on February 8th. In this memo, he detailed his plans for cuts and tried to lighten the blow with some kind words. “The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” he said. “It also makes it all the more difficult to say goodbye to wonderful people we care about. I want to offer my sincere thanks and appreciation to every departing employee for your numerous contributions and your devotion to this beloved company.”

Iger plans to finish the 7,000 aforementioned layoffs by summer. Having already dismantled several divisions, it’s clear he has no problem doing what needs to be done to keep Disney on top. The next victims of this restructuring effort remain unclear; however, Iger has made it clear that these cuts will affect high and low-level employees alike.

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Goldman Sachs To Lay Off 3,200 Employees: Report

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Goldman Sachs intends to lay off as many as 3,200 employees this week, according to a new report from Fox Business. It would be one of the biggest job cuts ever for the investment bank.

While the cuts will primarily affect the firm’s investment banking division, layoffs will still hit most major divisions.

Speaking during the company’s third-quarter earnings report, CEO David Solomon explained that even “against the backdrop of uncertainty and volatility in the markets, we continue to prudently manage our resources and remain focused on risk management as we serve our clients.”

A Goldman Sachs logo is displayed on the floor of the New York Stock Exchange in New York City, on Wednesday, August 11, 2010. The Dow lost over 265.42 closing at 10378.83 points on poor economic reports. (Photo by Ramin Talaie/Corbis via Getty Images)

The bank’s revenue during the third quarter of 2022 dropped 12% from a year ago while investment banking revenue dropped 57%. At the end of the third quarter, they maintained 49,100 employees.

The report follows Solomon’s own admission in December that the company had been looking to cut back on expenses.

“We continue to see headwinds on our expense lines, particularly in the near term,” Solomon said during a conference. “We’ve set in motion certain expense mitigation plans, but it will take some time to realize the benefits.”

At the time, reports had surfaced that the company intended to slash 8% of its workforce. Additionally, they were reportedly considering cutting the bonus pool by at least 40%.

The new wave of layoffs comes after the firm already laid off 500 employees in September.

Goldman Sachs has declined to comment on the report.

Experts expect 2023 to be a tumultuous year for the economy. Amazon announced earlier this month that it intends to lay off more than 18,000 employees.

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