Pros
The company I worked for before was bought by Ericsson, and everything started out well with a forward-looking management team and the will to invest in new technologies. Since then, however, we have been hit by redundancies and increasing bureaucracy. Modern offices, nice location, great colleagues who are generally intelligent, lively and very overqualified for the job. Some of the content is really interesting as work is for a variety of broadcasters/clients. Laid-back culture for the most part. Decent benefits such as flexible working and the possibility of working from home.
Cons
Pay is shockingly low among non-managers and even middle managers, though the company likes to tell us it is in line with industry standards. Management training is almost non-existent, and there seem to be far too many people employed at higher levels with incomprehensible job titles and functions. Managers are also sometimes expected to be account managers rather than people managers, meaning that staff can be overlooked. Staff turnover on some teams is so bad it is like a revolving door, and work/life balance varies greatly depending on which team you are on. Some jobs are extremely monotonous. Many people come to rely on overtime money because the base salaries are so bad. The IT systems are impenetrable, and dealing with other teams that are all in other countries because of offshoring (e.g. for expenses or HR, for example) can be difficult and bureaucratic. Team spirit has decreased since we were bought, and retention is increasingly difficult. Opportunities for advancement do exist, but generally not within teams - you would have to change job role internally.