Hundreds of employees will be laid off by ESPN by next week
According to rumors, ESPN will begin making layoffs and payment reductions the next week. It’s anticipated that Disney would let go of about 7,000 workers, and ESPN will be one of those areas. The New York Post states that the job cuts at ESPN would be carried out in three phases. The first phase will eliminate the staff behind the scenes however, it could even include some talented members as well. Well, ESPN and other channels are impacted by the fact that fewer Americans are now paying for live TV. With these strategies, actually, live TV is cut off.
Disney aims to reduce expenses by around $5.5 billion over the coming several years
Given the current economic situation, various companies have undergone a recession in terms of revenue and budgets. It is reported that Disney will reduce its expenses by almost $5.5 billion over the course of the next few years. in addition to this, it will even consider 15% job cuts across the entertainment division. Staff will be laid off across all areas of TV, theme parks, film, and corporate teams. Reports suggest that the job cuts will begin by the end of this month.
Disney is anticipated to eliminate around 7,000 positions after all the layoffs have been implemented. This is accomplished by not filling open positions and firing about 5,000 individuals. The situation in the market is tough these days. Laying offs begin from Silicon Valley and now they have expanded into the tech space. Google and Amazon made job cuts for the first time ever. Currently, Amazon is going through the second phase of layoffs. is actually on its second round of layoffs now.
It will be fascinating to observe how these reductions impact the subjects that ESPN covers, the additional programming Disney+, Hulu, and ESPN+ will offer, as well as how the benefits will be maintained. Sports, movies and TV shows, and theme parks make up Disney’s three main revenue streams.
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