Sports broadcasting giant ESPN is planning on cutting up to 350 salaried jobs, reports Bloomberg citing people with knowledge of the matter. The job cuts follow a loss of cable subscribers and a miss in its quarterly earnings last summer.
Officials at ESPN did not confirm the news.
ESPN is owned by Disney (DIS). It did note last month that “Any organizational changes will be announced directly to our employees if and when appropriate.” The company currently employs 4,200 people at its Bristol, CT, headquarters and nearly 8,000 staff worldwide.
ESPN’s struggles are part and parcel with the problems of all pay cable stations. As young people increasingly “cut the cord” and use digital services rather than traditional cable packages, profits are falling.
Looks like the sports broadcaster might need a few more Star Wars trailers.