ESPN is laying off up to 350 of its 8,000 employees.
The job cuts mark more than 4% of the company’s workforce and they come a few months after Disney (NYSE:DIS) CEO Bob Iger told investors that ESPN suffered subscriber losses.
The publication issued a memo to employees where boss John Skipper said the layoffs are “part of a broad strategy to ensure we’re in position to make the most of new opportunities to build the future of ESPN.”
The company may be losing for new streams of revenue as its projected growth rate for the next five years is alarming, according to Disney execs.
DIS stock is up 0.23% Wednesday.
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