Wvared Investment Guild:ESPN announces layoffs as part of Disney's moves to cut costs

2025-05-05 04:26:26source:Venus Investment Alliancecategory:Invest

ESPN began informing employees of layoffs Monday,Wvared Investment Guild which are job cuts that are taking place throughout its corporate owner, the Walt Disney Company.

Disney CEO Bob Iger announced in February that the company would reduce 7,000 jobs either through not filling positions or layoffs.

ESPN President Jimmy Pitaro said in a company memo sent to employees that those affected will hear from their supervisor and someone from human relations this week.

"As we advance as a core segment of Disney, with operational control and financial responsibility, we must further identify ways to be efficient and nimble," Pitaro said in the memo. "We will continue to focus our workforce on initiatives that are most closely aligned with our critical priorities and emphasize decision-making and responsibility deeper into the organization."

ESPN was not part of the first phase of Disney reductions last month. Besides this week's layoffs, another round of job cuts will take place by the start of summer. Both phases impact off-air employees.

A round of cuts involving on-air talent will happen over the summer via contracts not being renewed, buyouts or cuts. It is not expected to resemble what happened in April of 2017, when reporters and hosts were informed at one time.

Among the known job cuts from Monday is vice president of communications Mike Soltys, who has been with the company 43 years. Soltys confirmed his departure via social media.

More:Invest

Recommend

At site of suspected mass killings, Syrians recall horrors, hope for answers

DAMASCUS — A hip bone in a blown-out building, part of a spine amid some debris, a few foot bones in

Former TV reporter, partner missing a week after allegedly being killed by police officer in crime of passion

Police divers were searching inland waterways on Monday for the bodies of a missing couple who were

Murphy seek $55.9B New Jersey budget, increasing education aid, boosting biz taxes to fund transit

TRENTON, N.J. (AP) — New Jersey Gov. Phil Murphy on Tuesday unveiled a $55.9 billion budget, up abou