- Comcast Corp's CMCSA Spectator division looks to shut down its video game-centric television and online network G4 after mass layoffs less than a year after its return.
- G4 failed to gain traction despite attempts over the past several months, the Deadline reports citing an internal email from Spectacor CEO Dave Scott.
- The closure will affect a few dozen employees and contract workers. Comcast said it would assist them with outplacement and consider some for internal opportunities.
- The departure over the summer of G4 President Russell Arons, a veteran digital media executive, was a precursor to the latest move.
- Spectator added her duties to the portfolio of Joe Marsh, a Comcast Spectacor veteran who has been CEO of T1, an international esports joint venture with Korea's SK Telecom.
- Spectator closed G4′s Los Angeles facility until October 18 and postponed all streams, the Washington Post reported citing an internal email from Marsh.
- Additionally, former employees said Spectator locked the staff out of internal communication services like Slack and Alphabet Inc GOOG GOOGL Google Drive. The move came after the crew from "Arena," a show produced as part of a crucial deal with the WWE, quit last week.
- On October 14, Take-Two Interactive Software, Inc TTWO shared its plans to shut down the New York-based studio behind the popular mobile game Dots, eliminating 65 jobs.
- In August, Meta Platforms Inc META Facebook shared plans to close down its Facebook Gaming app after failing to gain a foothold in the live game streaming market.
- The gaming industry significantly boosted during the pandemic as it restricted outdoor activities.
- Price Action: CMCSA shares closed lower by 0.6% at $30.05 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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