Walt Disney Co. is preparing a series of layoffs as part of broader budget cuts across the company.
According to the Wall Street Journal, the majority of the cuts will take place at the ABC broadcast network, its television production studio, ABC News, and local television stations. Of its 10,000 employees, the Disney/ABC TV Group may be cutting as many as 300 positions.
The cuts, which will also include a restructuring, will represent 10% of the company’s annual costs, and may begin as soon as the end of September. Ben Sherwood, president of the Disney/ABC TV Group, is expected to present Disney CEO Robert Iger with details of the plan “in the coming weeks.”