Job Cuts Planned at ESPN as Part of Reducing Expenses

Job Cuts Planned at ESPN as Part of Reducing ExpensesWalt Disney Co. owned sports cable network ESPN will be trimming three hundred jobs according to a company statement. It's a result of changes that's taking place company-wide owing to slow advertising sales.

On Wednesday, one of ESPN's officials said the channel is navigating on the evolving television landscape which includes drop in cable TV subscriptions and 'cord-cutters'.

The major cut in budget initiated by the Connecticut-based network's parent is looking for reduced costs. Reportedly, Disney, the parent told the ESPN earlier to cut $100 million for 2016 and $250 million for 2017. Although, the network said that those were not the correct figures but did not provide any further figures.

Reportedly, Wednesday was the day when the job cuts started in all departments at different salary levels. These trims in job will affect employees globally. Two-thirds of the job cuts are expected at the Bristol, Connecticut, headquarters of the channel.

In a memo to the employees on Wednesday, CEO John Skipper said "Our 36 years of continuous growth and success has been driven by our consistent willingness to re-imagine our future, to embrace change and make the right choices for our business, including hard decisions that affect people who have been integral parts of our efforts."