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ESPN Cutting Up to 400 Jobs

The price of broadcast rights for sports events has risen sharply


espn sports center 630Disney‘s (DIS) sports network ESPN is trimming its payroll.

On Tuesday, the company said it reduce its workforce through both layoffs and attrition. The network will also cancel its Unite show that airs in late night slots. Between 300 and 400 jobs will be eliminated under the current round of cuts, the New York Times noted.

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ESPN employs about 6,500. The company said the cuts were meant to reduce costs.

The sports network contributed to a 15% rise in Disney cable channel operating income during the first quarter. However, the cost of airing college and professional league sports events has risen sharply in recent years.

Last month, Disney laid off 150 workers at its film studios.

Shares of Disney rose almost 1% in Wednesday morning trading.

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