By Brian Stelter
NEW YORK (CNNMoney) — ESPN is undertaking mass layoffs this week.
The sports network informed employees about the cutbacks in an internal memo on Wednesday.
About 300 employees, nearly 4% of the network’s global workforce, will be affected. The cuts will take place over a period of several days.
"Beginning today, we will be enacting a number of organizational changes at ESPN to better support our future goals — a process that will include the elimination of a number of positions, impacting friends and colleagues across the organization," ESPN President John Skipper said in a memo.
Skipper said, "We carefully considered and deliberated alternatives before making each decision."
ESPN did not detail which departments or shows would be hurt the most.
The layoffs are seen as both a reaction to, and preparation for, wrenching changes in the cable television business. Cable channels like ESPN, which depend on subscriber fees, have been pinched by the small but growing number of viewers unsubscribing.
Back in August ESPN’s parent company, Disney, reduced its profit growth expectations for the network, citing marketplace challenges.
Layoff rumors started not long after. The Big Lead, a sports news site, said in September that Disney had told ESPN to "trim $100 million from the 2016 budget and $250 million in 2017."
At the time, the network said in a statement that it wanted to inform employees before saying anything publicly about cutbacks.
ESPN has said farewell to several big name, high cost stars this year, including Keith Olbermann and Bill Simmons. Although there were many factors at play, price was one of them.
"ESPN has historically embraced evolving technology to smartly navigate our business," the network said. "Any organizational changes will be announced directly to our employees if and when appropriate."
ESPN is in some ways a bellwether for the industry because it earns a high subscriber fee, $6 a month by some estimates.
Skipper said Wednesday, "No matter how many times we’ve adjusted course to lead the industry over the years, the decisions affecting our employees are never made lightly. It never gets any easier, but it’s a necessary part of our continued strategic evolution to ensure ESPN remains the leader in sports as well as the premier sports destination on any platform."
The-CNN-Wire
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