Report: ESPN to eliminate up to 350 jobs

October 20, 2015, 8:25 PM UTC
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The ESPN logo is displayed outside L.A. Live, which houses the ESPNZone, in Los Angeles, California, U.S., on Tuesday, Aug. 31, 2010. Time Warner Cable Inc.'s negotiations to renew rights to ESPN may be held up on a demand by the sports channel's owner, Walt Disney Co., to be paid for a related website, people with knowledge of the talks have said. Photographer: Jonathan Alcorn/Bloomberg via Getty Images
Photograph by Bloomberg via Getty Images

Sports broadcasting giant ESPN is planning on cutting up to 350 salaried jobs, reports Bloomberg citing people with knowledge of the matter. The job cuts follow a loss of cable subscribers and a miss in its quarterly earnings last summer.

Officials at ESPN did not confirm the news.

ESPN is owned by Disney (DIS). It did note last month that “Any organizational changes will be announced directly to our employees if and when appropriate.” The company currently employs 4,200 people at its Bristol, CT, headquarters and nearly 8,000 staff worldwide.

ESPN’s struggles are part and parcel with the problems of all pay cable stations. As young people increasingly “cut the cord” and use digital services rather than traditional cable packages, profits are falling.

Looks like the sports broadcaster might need a few more Star Wars trailers.