The Wall Street Journal
Staff cuts at two of the biggest broadcast-television news outfits in the U.S. foreshadow a shift toward cheaper TV news gathering, as broadcast-news groups face shrinking profits and increasing competition from cable and the Internet.
ABC News, a division of Walt Disney Co., said this week it would embark on a “fundamental transformation” of its operations, a move that could cut as much as a quarter of its news staff of approximately 1,500, according a person familiar with the matter.
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The move comes three weeks after CBS Corp.’s news division began to shed more than 6% of its staff of roughly 1,400 and just over three years after General Electric Co.’s NBC News began rounds of stiff cuts. More…