ESPN is Laying Off Another 150 Employees

 

ESPN's logo.

ESPN has long been an industry leader in cable TV sports programming, but it’s fallen on tough times lately. The network announced Wednesday that it was laying off 150 people, marking the second major series of cuts it’s had to make this calendar year.

“Today we are informing approximately 150 people at ESPN that their jobs are being eliminated,” said ESPN President John Skipper. “The majority of the jobs eliminated are in studio production, digital content, and technology, and they generally reflect decisions to do less in certain instances and redirect resources.”

This round of job cutbacks comes shortly after the network’s April announcement that it was laying off 150 people. That move included ousting a number of prominent on-air personalities, including former pro football players Trent Dilfer and Danny Kanell. This round of layoffs is directed more toward behind-the-scenes employees at ESPN. The company also let about 300 employees go back in October 2015.

These layoffs come amid a series of major business challenges for ESPN. First and foremost, the network has had to deal with declining revenue from subscribers as the number of people paying monthly fees for cable TV packages continues to decrease. This trend has led to tens of millions of dollars in lost revenue.

While job losses have been ongoing for over two years now, ESPN continues to look for ways to keep the ship afloat. For instance, the network is planning to open a new studio in New York in 2018, where it will host both a morning show and an afternoon opinion show as a way of bringing in new streams of revenue. Additionally, the network is looking to capitalize on the popularity of social media with a new Snapchat version of “SportsCenter.” This will offer sports fans a way to watch game highlights on their smartphones without having to watch traditional cable TV.

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About DevonJ140
I am currently an Accounting Director living in New York City. I love reading and learning more about business, finance, tech, and current events.

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