ESPN will be laying off around 300 employees this week, confirms company president John Skipper. The layoffs are coming because the company needs to cut $350 million from the 2017 budget to prepare for a 9-year, $24 billion broadcast deal with the NBA.
In a memo to employees, Skipper said,
“Beginning today, we will be enacting a number of organizational changes at ESPN to better support our future goals — a process that will include the elimination of a number of positions, impacting friends and colleagues across the organization.
We carefully considered and deliberated alternatives before making each decision. The people who will be leaving us have been part of ESPN’s success, and they have our respect and appreciation for their contributions. We will be as supportive as we can during this transition, including providing a minimum of 60-days notice, a severance package reflective of their years of service, and outplacement benefits to help them find future employment.
The decisions affecting our employees are never made lightly. It never gets any easier, but it’s a necessary part of our continued strategic evolution to ensure ESPN remains the leader in sports as well as the premier sports destination on any platform.”
News source: Business Insider
Photo credit: Michelle McLoughlin/Reuters