ESPN cutting workforce, 'smartly managing costs'
NEW YORK (AP) -- ESPN is cutting its workforce, the latest Disney division to reduce staff.
"We are implementing changes across the company to enhance our continued growth while smartly managing costs," the sports media giant said in a statement Tuesday. "While difficult, we are confident that it will make us more competitive, innovative and productive."
The company would not say how many jobs are being eliminated, but they include unfilled positions. ESPN has about 7,000 employees worldwide, with about 4,000 at its headquarters in Bristol, Conn. The vast majority work behind the scenes.
Fees from distributors for ESPN grew faster than expected in the latest quarter, while ad growth came in below expectations because of smaller audience numbers. ESPN also has seen costs increase with skyrocketing prices for the broadcasting rights to live sports.
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