ESPN layoffs 7000 workers as TV rights fees rise

Sports media giant ESPN has given pink slips to nearly 7,000 employees on Tuesday, the network said in a statement.

The Bristol, Connecticut-based company said it was looking at the financial bottom line.

In a statement the company said that they were implementing changes across the company to enhance their continued growth while smartly managing costs.

It added that while difficult, they were confident that it would make them more competitive, innovative and productive.

It reported higher revenues from its cable networks in the last fiscal year, but it also said that increased programming costs were due largely to the rising costs of the rights to cover sports such as college and professional football.

According to CNN, some media reports said that the number of affected employees and open positions were as high as 400.

ESPN has not commented on how many people would be sacked.

ESPN, which operates eight domestic networks and 27 around the world, is 80 percent owned by Disney.

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