Cord cutting has been hitting all television owners hard recently. Now according to The Wall Street Journal, Disney plans to cut 10% of their ABC Television Group work force in an effort to reduce cost.
According to reports most of the cuts are expected to take place at the ABC Broadcast network, its television production studio, ABC News, and local television stations. Yet cable networks like the Disney Channel and Freeform are also likely to see cuts in their workforces.
Currently, the Disney/ABC TV group employs about 10,000 people and sources say that Disney wants to cut its work force by a combination of layoffs and attrition. That may mean that soon as many as 300 people will find themselves without work and an additional 700 may not be replaced if they leave.
In total Disney wants to cut up to $300 million in costs in an effort to drops in revenue from millions of Americans cutting the cord from traditional pay TV services. Recently Disney has seen viewership fall by over 20% this year on some of their most popular channels including The Disney Channel and Freeform.
These cuts come after Disney recently laid off staff at ESPN. (ESPN is considered separate from the ABC Television Group.)
Source: The Wall Street Journal
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