Disney’s stock price rises, ESPN is experiencing a new round of layoffs

Naija Tech News (NTN) on 06, and in content, Disney’s stock price rises, ESPN is experiencing a new round of layoffs, Disney, Espn, stock price .

Disney's stock price rises, ESPN is experiencing a new round of layoffs

ESPN is experiencing a new round of layoffs. ESPN Chairman Jimmy Pitaro (Jimmy Pitaro) announced to employees in a memo that as parent company Disney (Disney) transitions to a more direct-to-consumer streaming service, approximately 300 people will be fired from ESPN . Prior to the release of this memo, ESPN had also discussed layoffs related to the new coronavirus.

In addition, once the contract expires, ESPN will part ways with some live broadcast talents.

Pitaro wrote in the memo: “As you know, we value the transparency of internal dialogue, which means that we will remain transparent whether in good times or in times of challenge. After careful consideration, I have some The difficult organizational decision should be shared with everyone. We will lay off staff, and about 300 team members and more than 200 positions will be affected.”

ESPN has approximately 6000 employees worldwide. On Thursday, ESPN also publicly released a statement from Pitaro, confirming the news of the layoffs.

On Thursday, Disney shares rose more than 2%. Disney CEO Bob Chapek (Bob Chapek) hinted that the company is reorganizing the media and entertainment departments to set up a separate agency responsible for content distribution, advertising sales and Disney+, so the company may lay off staff.

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