Elmo, Big Bird To Join The Ranks Of The Unemployed?!?

Wall Street hits Sesame Street: Children's programmer cuts 67 jobs
Last Updated: Thursday, March 12, 2009 | 12:04 PM ET CBC News
Sesame Workshop, which produces the popular children's series Sesame Street and other programs, is shedding 20 per cent of its workforce.

The company, home to characters such as Elmo and Big Bird, is cutting 67 of its 355 staff positions.

"After careful review, we have concluded that we will have to operate with fewer resources in order to achieve our strategic priorities," the New York-based Sesame Workshop said in a release on Wednesday.

"[We are] not immune to the unprecedented challenges of today's economic environment."

The statement didn't specify which jobs and departments would be affected.

4 decades of entertaining children
Sesame Workshop derives income from product licensing and the sale of Sesame Street and other programs to the Public Broadcasting Service (PBS) and international syndication.

The company is also funded by government agencies, foundations and corporations, including Astra Zeneca LLP and McDonald's Corp., according to its website.

Some of its major backers had included Wall Street conglomerates such as Bear Stearns and Merrill Lynch, both of which were devastated by the economic crisis.

Founded in 1968, Sesame Workshop grew into an empire.

Its original goal was to help children from low-income families prepare for school. The company expanded to include radio shows, books, magazines and online programming.

The non-profit organization also has an international reach, taking its message of tolerance and peace to trouble spots such as Gaza and Northern Ireland, as well as educating African children about malaria prevention.