ESPN goes to begin laying folks off subsequent week, as a part of the efforts by its guardian firm Disney to chop prices.
The community, which used to cowl sports activities completely, has made the error of embracing woke politics lately.
That is most definitely having a adverse impact on their backside line.
ESPN to start layoffs early subsequent week as a part of Disney value cuts, sources say
ESPN will start layoffs early subsequent week as a part of guardian firm Disney’s value chopping efforts, in line with folks conversant in the matter.
Cuts will embody some on-air expertise and administration, stated the folks, who requested to not be named as a result of the discussions are personal. The variety of layoffs at ESPN is unclear and the choice course of continues to be fluid.
An ESPN spokesperson declined to remark.
Disney is eliminating 7,000 jobs in three rounds, with the second spherical occurring subsequent week, stated the folks. The corporate may even lay off about 15% of the workers in its leisure division subsequent week, Bloomberg reported this week.
Disney’s first spherical of cuts occurred final month and included its metaverse methods unit and a part of its Beijing workplace.
Disney is slashing prices underneath CEO Bob Iger because it tries to spice up free money movement as streaming losses persist. ESPN is focused on renewing a contract with the Nationwide Basketball Affiliation and can probably need to pay a major premium on the $1.4 billion per yr rights payment it already pays the league. Renewal discussions with the NBA are already going down, in line with an individual conversant in the matter.
Disney stated earlier this yr it plans to chop $5.5 billion in prices, together with $3 billion in content material spending.
ESPN laid off about 300 staff in 2020.
There are additionally rumors of coming pay cuts for individuals who don’t get laid off.
— Terrible Asserting (@awfulannouncing) April 19, 2023
Some information: ESPN’s layoffs will start early subsequent week and can have an effect on each mgmt and on-air expertise. https://t.co/cQpwn5jYXx
— Alex Sherman (@sherman4949) April 19, 2023
Who’s even watching this community anymore?