January 11th 2023: DirecTV is laying off hundreds of managers as cord cutting increases with the two satellite companies especially effected. The company is reducing costs with the effected employees last day being January 20th,
DirecTV was spun off from in 2021 from AT&T in a deal with private equity firm TPG the company implied value at the time was $16.5 billion; This amount was a huge drop from the $48.5 billion and assumption of debt when AT&T purchased the company in 2005.
The increasing cost of programming for traditional cable and satellite services with the increasing number of people cutting the cord for streaming services has been a big hit for traditional pay tv services. The media industry in general has been shedding jobs and, we are likely to here more layoffs unfortunately for cable and satellite providers.
