It looks like another wave of layoffs is coming to ESPN, maybe to the tune of hundreds of lost jobs.
ESPN has more than 6,000 employees, but as it is losing upwards of $2 billion in annual revenue due to a constant stream of lost subscribers and difficulties arising from the coronavirus, network owner Disney clearly feels something has to give. So, according to The Athletic, ESPN is set to begin layoffs, maybe as soon as Thursday.
The site notes that a portion of the budget savings will be realized by allowing contracts with some talent to go un-renewed. Still, many behind the scenes workers — especially in remote locations — are also expected to be let go.
ESPN has been steadily shedding employees by the hundreds since 2015 when ESPN cut 350 employees. Then, in 2017, the company shed another 100 employees. Also, in 2017, the company cut its budget by $80 million.
ESPN is not alone in losing customers. In general, cable is experiencing steep declines in customers as Americans cancel their cable and opt for streaming services.
In July, for instance, Verizon reported a loss of 81,000 pay-TV subscribers for its FiOS service which is on top of a 25 percent decline in revenue for its media unit.
Only months before that, AT&T noted that it had lost 1.4 million in the third quarter of 2019.
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