ESPN could lay off as many as 350 employees

As many as 350 people could be laid off from their jobs at ESPN as early as Wednesday, Bloomberg reports.

News of possible layoffs at ESPN was first reported by Jason McIntyre of The Big Lead in back in September. At that time, according to McIntyre, Disney had reportedly told ESPN to trim about $100 million of its budget in 2016 and and additional $250 million in 2017 in preparation for a huge NBA TV deal they were preparing for.

The upcoming layoffs will reportedly save ESPN $30-40 million annually. On Tuesday, Bloomberg reported that the cuts could be announced on Wednesday.

Here is what Bloomberg had to say:

The cuts will be announced to employees as early as Wednesday, said the people, who asked not to be identified discussing an internal matter.

This action follows Disney’s announcement in August that earnings at its cable networks would not meet the company forecasts as a result of subscriber losses in pay television and currency translation.

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