ESPN to lay off hundreds of employees
ESPN (Andrew Weber/USA TODAY Sports)
In a statement, ESPN said, "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." A rep declined to comment further.
News of the layoffs was reported Tuesday by sports blog Deadspin. The cuts are the network's first sizable staff reductions since 2009, when ESPN laid off about 100.
In the U.S., ESPN has about 4,000 employees, with another 3,000 overseas. The company's ESPN Plaza headquarters in Bristol, Conn., includes nearly 1 million square feet of office and studio space in 16 buildings on 123 acres, plus an additional 400,000 square feet rented nearby.
Walt Disney Co.'s ABC owns an 80% stake in ESPN, with Hearst holding the remaining 20% interest. The company does not disclose financials but its annual revenue is estimated to exceed $8 billion.