US media group Comcast planning significant jobs cuts as part of reorganisation
The company has been losing cable TV subscribers for some time as customers cut the cord in favour of streaming options.
Comcast, a Philadelphia-based media and telecommunications conglomerate, is planning to cut a significant number of jobs as part of a restructuring effort, according to sources familiar with the company's plans. The reorganization aims to position Comcast for success as an independent entity after the planned spin-off of NBCUniversal in 2027.
The job cuts, expected to begin within weeks, are intended to create a more agile workforce and free up cash for future growth opportunities. Comcast has been experiencing subscriber losses, particularly in cable TV, as more customers opt for streaming services. The company has also seen a decline in internet customers, with competitors offering competitive fiber optic or fixed wireless connections.
Comcast recently boosted its broadband offerings with price guarantees and a free wireless line for one year. The company is set to report earnings on October 22. Comcast's stock price has dropped by about 21% in 2026, prompting adjustments in its portfolio, including the spin-off of cable TV networks like CNBC and MS Now as Versant Media Group in January.
Co-CEO Brian Roberts has made senior management changes to combat subscriber losses, promoting Steve Croney to chief executive officer of its broadband and wireless business and hiring Jon Gieselman as chief growth officer. Michael Angelakis, a former CFO, is returning to lead the company post-NBC separation. Comcast currently employs 179,000 full- and part-time employees as of December 31.
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