GoPro Slashes 15% of Workforce, Shuts Down Entertainment Division
GoPro has announced that it will lay off more than 200 employees and freeze hiring, amounting to a reduction of about 15% of its workforce. As part of the restructuring, the company is also shutting down its entertainment division. In addition, the company said president Tony Bates will be leaving the company. From a report on Variety: Also Wednesday, GoPro also said Black Friday camera unit sales were up more than 35% year-over-year at leading U.S. retailers. GoPro said its Hero5 Black camera has been the best-selling digital-imaging device in the U.S. since it launched Oct. 2, citing NPD Group data. GoPro shares climbed more than 4% in premarket trading Wednesday on the news. The move appears to spell the end of the struggling company's ambitions to branch out beyond device sales into the entertainment biz, which had included plans to produce original shows. The GoPro entertainment unit has been led by Ocean MacAdams, who previously held programming posts at MTV, Warner Music Group, and the Madison Square Garden Co., after Zander Lurie left in January to become CEO of SurveyMonkey. The division at one point had about 200 staffers, including Bill McCullough, who produced award-winning sports documentaries for HBO, and Joe Lynch, who previously led Time Inc.'s live-streaming initiatives.
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