The motion picture and sound recording industries shed a combined 3,600 jobs in June for a total of 321,700, according to the latest report from the U.S. Bureau of Labor Statistics. Meanwhile, broadcast and content providers added 1,400 jobs for a total of 336,900.
Overall, the U.S. economy added a lower than expected 57,000 jobs. The major gains were in professional and business services, social assistance and health care, while employment in leisure and hospitality declined. Average hourly earnings rose by o.3% to $37.64 in June and increased by 3.5% for the full year.
Meanwhile, the unemployment rate ticked down to 4.2%. The number of long-term unemployed individuals, defined as those jobless for 27 weeks or more, changed little at 1.9 million in June, but is up by 286,000 over the year. The long-term unemployed accounted for 27.3% of all unemployed people for June. The number of total unemployed people was little changed at 7.1 million.
The BLS also revised its data for April and May, with the combined total job gains coming in 74,000 lower than previously reported. There were 148,000 jobs added in April and 129,000 added in May, or decreases of 31,000 and 43,000, respectively.
The latest update comes as Paramount and Warner Bros. Discovery are on track to merge by the end of the third quarter or Sept. 30, subject to regulatory approval. Los Angeles County’s Department of Economic Opportunity has warned that the $110 billion deal could put nearly 2,500 local jobs at risk, as well as about 6,000 global jobs.
In the event the transaction does not close by Sept. 30, WBD shareholders will receive a 25 cent per share “ticking fee” for each quarter until closing. In the event that the deal does not close at all due to regulatory matters, Paramount will pay WBD a $7 billion termination fee.
The media and entertainment industry will also get shaken up even further as Comcast is preparing to spin off NBCUniversal and Sky over the next 12 months. The move is subject to final approval by Comcast’s board of directors, receipt of tax opinions, regulatory approvals and completion of financing arrangements.
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