ESPN to Cut 500 Positions to Free Up Money for New TV Ventures
ESPN’s chief said the Disney sports-media division would eliminate 500 positions – 300 employees and 200 post that are currently unfilled – in a bid to free up resources for streaming, digital and other kinds of video experiences designed for the new ways fans are engaging with sports.
ESPN has already made cuts in recent years as traditional ratings and subscriber numbers have fallen, noted ESPN President Jimmy Pitaro in a memo to employees issued Thursday. “We have, however, reached an inflection point,” he said. “The speed at which change is occurring requires great urgency, and we must now deliver on serving sports fans in a myriad of new ways. Placing resources in support of our direct-to-consumer business strategy, digital, and, of course, continued innovative television experiences, is more critical than ever.”
The New York Post previously reported on Pitaro’s memo.
More to come…