ESPN announces massive layoffs, job cuts as COVID-19 impacts revenues


EB

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ESPN announces massive layoffs, job cuts as COVID-19 impacts revenues
The president of ESPN revealed in a memo job cuts and layoffs as prior cost-cutting methods appear to have not been effective in curbing the impact of the pandemic.

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www.latimes.com/entertainment-arts/business/story/2020-11-05/espn-layoffs-walt-disney-covid

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Cord-cutting and a shift by younger consumers away from TV subscriptions continue to erode that revenue source. Households with pay TV, most of which carry ESPN, have been on a steady decline from their peak in 2010.

Pitaro has previously said that the company is moving toward serving the streaming audience and that ESPN will be prepared to serve viewers as they shift to new viewing platforms.

The cuts are the latest within Walt Disney Co, which has been buffeted by the health crisis.

The Burbank-based company in September said it would lay off 28,000 domestic employees at its parks, experiences and products division, which includes Disneyland Resort and Disney California Adventure Park in Anaheim and Walt Disney World in Orlando, Fla.
 

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