E.W. Scripps to Become an ‘AI-Powered Broadcast Journalism Company’ After Sweeping Layoffs
“We are not wavering on our commitment to quality journalism,” CEO Adam Symson says The post E.W. Scripps to Become an ‘AI-Powered Broadcast Journalism Company’ After Sweeping Layoffs appeared first on TheWrap .
E.W. Scripps has reduced its workforce by 12% this year, as the media conglomerate embraces artificial intelligence and automation to transform its news operations into an "AI-powered broadcast journalism company." CEO Adam Symson disclosed the 432 job cuts, alongside 126 open positions, during the company's second quarter earnings call on Thursday.
The layoffs, most affecting employees at local television stations, are part of a broader restructuring effort aimed at generating $100 million in annualized savings. The company is shifting towards a 24-hour streaming news model and aims to centralize certain roles through AI and technology. Symson emphasized that the company remains committed to quality journalism despite the challenging changes.
The restructuring comes amid declining revenue and the evolving media landscape, with Scripps reporting a 9% decline in second-quarter revenue to $490.4 million, and a net loss of 34 cents per share. Despite the weakened quarterly results, Wall Street reacted positively to the cost-cutting strategy, with Scripps shares jumping more than 20% in midday trading. In addition to its local television stations, Scripps owns the ION broadcast network.
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