ESPN lays offs some of its employees to control costs(Amended/ESPN Employee/Update)

Sports media giant ESPN has given pink slips to some of its 7,000 employees as a cost cutting measure.

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In a statement, the Connecticut-based company said it is implementing the changes to enhance continued growth, while smartly managing costs.

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ESPN said it is confident that it would be more competitive, innovative and productive after this decision.

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According to a CNN report, about 400 employees have been given pink slips.

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ESPN has not commented on how many people have been sacked.

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