DirecTV is preparing to let go of several hundred staff as the satellite company looks to adjust to the streaming environment.
According to CNBC, most of the redundancies will be at manager level, who represent about half of DirecTV’s employees.
The company has been in private hands since 2021, when AT&T entered into an agreement with private-equity firm TPG as the telco looked to reduce its exposure to the media sector.
DirecTV is currently struggling with subscriber erosion having lost around 500,000 customers in its most recent quarter, according to ratings agency Fitch. It no longer reports its subscriber numbers.
In addition to the direct-to-home satellite service, DirecTV also offers subscribers a streamed version of its product, without the need to install a dish. However, such innovations have failed to stem the flow of cord cutters, which have been a particular problem for US satellite homes.