As Amazon looks to grow its sports presence, it’s cutting back in other areas.
The e-commerce and technology giant is laying off more than 18,000 employees as it adjusts to uncertain economic times, CEO Andy Jassy said in a letter to the company’s employees.
- The reduction will be concentrated among corporate workers, representing around 5% of that group and 1.2% of Amazon’s 1.5 million total workforce.
- Amazon said in November it would trim around 10,000 jobs, mostly in devices, recruiting, and physical stores — cuts included in the 18,000 total.
- With a small dip to start the new year, Amazon’s stock is down 49% over the past 12 months. It has lost around $1 trillion in market cap since its July 2021 peak.
Sports Spending
Despite the layoffs, Amazon shows no signs of slowing its growth in sports.
Its priciest sports property is its $1 billion-per-year deal for “Thursday Night Football,” but it also recently inked a three-year pact for Overtime Elite, adding to deals with the Premier League and UEFA Champions League, among others.
The company is also a potential contender for NBA media rights after losing out on “NFL Sunday Ticket” to Google’s YouTube TV.
Amazon is reportedly working on a dedicated sports app.
