EXCLUSIVE: One of the UK’s biggest sports producers is set to lay off around 5% of staff as the troubling economic headwinds hit the world of sports production.
Around 25 to 35 people at WME-owned IMG Media‘s production arm in London are to enter a redundancy consultation process.
Deadline understands the consultation was launched earlier this week, with IMG bosses citing tricky market conditions and industry-wide rising production costs. Staff were emailed yesterday and summoned to a meeting where the consultation process was explained, with 25 to 35 staff and fixed-term employees set to be impacted, we understand. The numbers will represent around 5% of the circa-650 IMG Studios staff, a number that fluctuates depending on how much is in production.
Based at Stockley Park in outer London, IMG Studios produces the likes of Premier League football coverage, Major League Soccer, Ryder Cup golf and the Saudi Pro League. Deadline understands production teams working on the Premier League and European Tour golf will not be impacted.
Sources cited the tricky market, while IMG is reportedly set to lose its long-held BBC snooker contract. IMG Media is also currently being investigated for breaches of competition law by the UK’s Competition & Markets Authority.
WME acquired New York-headquartered IMG for $2.3B a decade ago. The outfit has 1,700 employees in the UK and thousands worldwide, operating in 35 countries.
Layoffs are rife in the entertainment world at present. In the UK, Channel 4 is making around 250 redundant and a number of production labels are shutting doors. Thousands more are losing jobs in the U.S., including, most recently, at Paramount.