retrenchment

The Twitter layoffs was among the earliest in a series of retrenchments among tech firms to cut costs.

The move furthers Allen’s retrenchment after a $1-billion buying spree in recent years.

“They’re not wrong to be afraid. I think they’re wrong to be as afraid as they are because it’s a retrenchment, and it’s a retrenchment following a gigantic expansion.”

In a significant retrenchment, media mogul Byron Allen has retained investment banking firm Moelis & Co. to sell his network-affiliate television stations after spending more than $1 billion to scoop up outlets in smaller markets.

The industry hasn’t fully recovered from shutdowns because of the COVID-19 pandemic, labor strikes and a retrenchment by legacy entertainment companies, many of which overspent to build streaming services to compete with Netflix.