Report: ESPN could lay off as many as 350 employees on Wednesday
As many as 350 layoffs could be coming to ESPN as early as Wednesday, Bloomberg reports.
News of possible layoffs at ESPN was first reported by Jason McIntyre of The Big Lead in September. According to McIntyre, Disney had reportedly told ESPN to trim $100 million of its budget in 2016 and $250 million in 2017 in preparation for a huge NBA TV deal.
The upcoming layoffs will reportedly save ESPN $30-40 million annually.
On Tuesday, Bloomberg reported that the cuts could be announced on Wednesday.
From Bloomberg:
The cuts will be announced to employees as early as Wednesday, said the people, who asked not to be identified discussing an internal matter.
The action follows Disney's announcement in August that earnings at its cable networks wouldn't meet company forecasts as a result of subscriber losses in pay television and currency translation. That triggered a sell-off in the shares of several media companies.
Business Insider reached out to ESPN who chose not to comment