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FutureStarrABC Undergoes Major Restructuring Resulting in Job Cuts
ABC News staffers have been let go as part of Disney's companywide restructuring plan designed to save $5.5 billion. These cuts follow a series of layoffs announced this week and continue today. Chris Vlasto and Wendy Fisher will leave as senior executive producers; talent VP Mary Noonan; talent strategy VP Galen Gordon; and communications VP Alison Rudnick will depart. The Company’s Restructuring Plan Restructuring plans at Media General are designed to address the unique challenges that face media industry players. Their restructuring plan seeks to create value for shareholders and customers, while remaining sustainable and competitive - this goal being reached via an integrated strategic approach to business management and planning comprising components like strategic vision, financial performance, corporate culture, organizational structure and people management. The plan will involve cost-cutting measures that will enable the company to remain cost-competitive and profitable, and may involve restructuring certain departments; this may lead to some positions being eliminated, though most should not be content related or operational in nature. Recently, news organizations have struggled to keep pace with falling advertising revenues caused by online platforms and changing consumer habits. Many companies have had to lay off employees and reduce operating expenses in response to declining ad revenues; ABC is no different. On Thursday it announced it will lay off up to 10% of its news division staff; although this won't lead to as many jobs being lost than would otherwise occur. The Australian Broadcasting Corporation (ABC)'s managing director has taken steps to reassure staff of an upcoming major restructure will not diminish regional bureau and radio representation in any way. He did not elaborate further, though. Under this plan, both regional and national bureaux and radio networks (Triple J and Radio National) will be combined into one division within ABC. ABC News staffers received a memo informing them of plans by their leadership team to make "significant" personnel cuts before year-end, which sources estimate could include up to one quarter of its current 1,400 staffers being let go. Furthermore, voluntary buyouts would be made available in the coming days for selected staffers. Restructuring ABC is part of an overall effort to boost profits and ratings, including by developing more diverse leadership positions and strengthening core content brands, according to an internal memo. However, they remain hindered by a ratings decline on its flagship morning and evening newscasts. Apogee Enterrises Baumgardner turned to his employees when his sales and earnings slumped, prompting its stock value to plummet. He introduced a stock purchasing incentive program, giving employees ownership in the company while shifting emphasis from profits to quality while expanding into new markets such as security systems for convenience stores and military bases. Additionally, ABC will streamline its business operations through streamlining operations. The management team has made the decision to split ABC into two divisions - news and content - as well as move regional journalists into news while radio networks move into content division. According to managing director Justin Anderson, this change should save ABC a substantial sum. Restructuring will take place during the first quarter of fiscal 2023 and is anticipated to reduce total workforce by approximately 400, reducing annual operating expenses by $10-20 Million, according to company management. Investors in ABC will be hoping that its fortunes change soon, after its stock has decreased by nearly 33% this year and fell below its original offering price. Analysts predict further decrease in share value over the short term. Apogee's revenue has been stagnating over the last several years. Revenue represents the amount received from customers when selling goods and services; increasing it can help a company increase profit margins, leading to greater profitability; however, increasing revenue should always coincide with decreased costs; otherwise it cannot sustain profitability; investors must carefully consider both aspects when making an investment decision. Basic Energy Services Basic Energy Services of Fort Worth has filed for Chapter 11 bankruptcy protection. The move could lead to job cuts as it indicates they could sell assets and raise money to pay creditors. A notice was also filed in Texas detailing this development. The filing of a Chapter 11 notice signaled that the company will continue operating uninterrupted, paying employees and vendors while its bankruptcy sale proceeds are considered. Furthermore, Guggenheim Credit Services provided $35 million of debtor-in-possession financing to assist it through this process. Basic has announced plans to streamline its operations in order to reduce costs, with existing five regions being combined into three. In addition, its water pipeline and saltwater disposal arm will become its own separate region; according to Basic, this move should save $20 million annually. Consolidation will likely result in staff cuts at ABC. According to its managing director, an easier, leaner management structure was necessary in order to adapt for digital age - as well as enable further investments into new technology and content development. ABC may be a public service broadcaster, but that does not exempt it from cost-cutting pressures. Over recent years, many media and technology companies have reduced their budgets, leading to layoffs as a result. Disney, ABC's parent company, is also cutting back jobs in its news division and consolidating departments. Reportedly, over 150 employees will be laid off from its film marketing and home video departments; Disney has also reduced park and resort expenses. Disney also recently announced a restructuring of their senior communications team. Naomi Bulochnikov-Paul, leader of Disney Television Communications and Publicity Operations will now collaborate closely with all brand PR leads while four executives will be redeployed. ABC News ABC is one of several departments impacted by Disney-ordered layoffs, with their news division among those affected. Disney ordered at least a low single-digit percentage reduction among their 1,400 employees - including some senior newsroom staff. These changes aim to eliminate duplication and redundancies while simultaneously revamping under new managing director Michelle Guthrie. Guthrie estimates that the restructuring will create a leaner and streamlined management structure, as well as saving the company approximately $125 million per year in savings, which will go toward paying for an in-real-time digital platform that will rival streaming platforms like Netflix and Amazon Prime. Though some are concerned that ABC's flagship newscasts will suffer as a result of the cuts, Guthrie believes they will improve in ratings. ABC has struggled in recent years to secure 25-54 demographic, which represents its primary revenue generator; but has found success through daytime dramas such as Grey's Anatomy and Desperate Housewives as well as long-running soap operas such as One Life to Live and General Hospital. ABC remains Australia's most enduring media provider despite recent difficulties, and this restructuring will allow it to meet consumer expectations for high-quality news and entertainment while seizing opportunities in an evolving digital industry. ABC is widely revered for its high standards of journalism and reporting. As an industry pioneer, they were first to hire female newscasters on a nightly newscast, 20/20 and Nightline are widely watched current-events series with award-winning current affairs programs as their focal points; numerous awards and critical praise are bestowed upon them for their efforts. ABC has also made significant strides in the digital sphere. Recently, they unveiled a subscription service and are expected to make further moves in the coming months. ABC has already taken steps like cutting jobs at its theme parks division and shuttering Radio Disney.