A round of layoffs is about to hit the Disney/ABC TV group, including ABC News.
The Wall Street Journal reports about 300 of the company’s 10,000 employees could be cut, trimming 10 percent of DATG costs. Cuts are expected at the production studio, owned stations group, Disney Channel, Freeform and ABC News.
The cuts are being orchestrated by Ben Sherwood, president of the Disney/ABC TV Group. He had promised Disney Chief Executive Robert Iger that he could shave up to $300 million in costs, one person said. Mr. Sherwood has told staffers the unit has to “transform into a 21st century broadcaster” and learn to do more with less, according to an executive.
Disney unit ESPN saw 100 staffers cut earlier this year as the challenges posed by cord-cutting, a tepid advertising market and explosive sports rights costs all affect the bottom line.
In 2010, ABC News saw cuts of 300-400 staffers during a transformation led by then-ABC News boss David Westin. In that round of cuts, staffers were first offered buyouts before layoffs took effect.