Disney's ESPN Reportedly Cutting Staff to Invest More in Streaming

Walt Disney (NYSE: DIS) sports television brand ESPN has plans to cull its current headcount by 300 employees, according to the New York Post, as it reshapes itself for a more digital age.

The news website of the New York newspaper published what it says is an internal memo from ESPN president Jimmy Pitaro sent to workers on Thursday. In it, Pitaro explains the company has "reached an inflection point" of changes within the world of television media.

This change is predominantly the advent of streaming video as an alternative to traditional cable TV service, forcing media companies to adapt. The nation's cord-cutting movement has reduced the number of cable-subscribing households from more than 100 million as of 2014 to what eMarketer believes will be less than 78 million cable television customers by the end of this year.

Source Fool.com