Many people fear that the recession will have an impact on future generations, causing turbulence in the lives of children the world over, and it would seem given the latest figures released by Sesame Workshop that such fears are being realized. The media giant, responsible for, amongst other shows, the children’s show Sesame Street, announced 67 layoffs today, or 20 percent of its employees.

The shedding of 20 percent of its 355 workforce is evidence that “[Sesame Workshop is] not immune to the unprecedented challenges of today’s economic environment.”, a release by the company said Wednesday. The company has yet to release specific information regarding the layoffs, but the notion that even Elmo and Big Bird, two of the company’s internationally recognized characters, are being affected by the current financial crisis is worrying for some.

The revenue made by the company comes from selling licensing to its shows to PBS, the Public Broadcasting Service, as well as from funding from government agencies, corporations, and foundations. The reason behind the reallocation of resources and streamlining of the company is linked to the financial collapse of Wall Street giants Bear Stearns and Merrill Lynch, two of Sesame Workshop’s biggest backers.

Sesame Workshop is a non-profit organization founded in 1968 as a means of educating low-income children, and has since grown into a massive empire with an international span, promoting messages of peace in warring nations and providing malaria education in Africa.

 Print This   Email This