Yesterday, rumors began to surface that sports TV news station ESPN will soon be laying off some of its employees. Now, the company, which is owned mainly by The Walt Disney Company, has confirmed that layoffs are incoming. ESPN has released a short statement on the matter:
We are implementing changes across the company to enhance our continued growth while smartly managing costs. While difficult, we are confident that it will make us more competitive, innovative and productive.
Though the layoffs have been confirmed, the announcement still hasn't made it clear how major the cuts will be. It is also not yet known where the cuts will be made within the company.
According to a Deadspin report, the number of layoffs is rumored to be "in the hundreds," with 400 employees seeming to be the over/under. The report cites unnamed sources as stating a majority of the layoffs so far have come from "technology" positions. Disney has reportedly put pressure on ESPN to meet its profit margin, encouraging all divisons at the station to cut back on costs. ESPN's profit margins have reportedly lowered recently due to the station buying the rights to several major live sporting events, including NFL games.