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Disney-owned ESPN cutting hundreds of jobs: source

ESPN, the sports channel that is Walt Disney Co's most profitable unit, is cutting 300 to 400 jobs across the company and closing a small Denver office, a person with knowledge of the cuts said.The job cuts, comprising 4 to 6 percent of ESPN's staff of 7,000, include open positions that will not be filled, said the source, who asked not to be named because the information is not public.But ESPN will continue hiring for other open positions, the person said. The channel has recently won rights to exclusive coverage of the U.S. Open Tennis tournament, and is starting a new channel focused on U.S. Southeastern Conference college football.The Denver office only has "a handful" of employees, the person noted.The cuts are part of an ESPN internal review, and are not related to similar measures at Disney, said a source familiar with Disney's thinking, who declined to be named because the information is not public.ESPN informed its staff about the layoffs on its internal website, and encourage...

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  1. Sprint, Time Warner Unit Form Mobile Alliance

    Sprint Nextel Corp. (S) and Time Warner Inc.'s (TWX) publishing division have formed an alliance that will provide entertainment, lifestyle, sports and business news...

  2. Don't Expect Video Sites to Trump Traditional TV 'Any Time Soon'

    While online video sites like Google's (NASDAQ:GOOG) YouTube and DailyMotion continue siphoning more advertising revenue from the broadcast conglomerates, streaming ...

  3. Glencore Xstrata CEO: Focus on Integration, Profit in Newly Merged Mining Company

    The chief executive of the newly merged Glencore Xstrata (GLEN.LN) said it may take five years to determine whether Glencore's merger with Xstrata was a success, add...

  4. Viacom and CBS beat expectations in tough TV ad market

    Sumner Redstone had a good day on Wednesday as his two companies Viacom Inc and CBS Corp reported quarterly results that beat Wall Street estimates on the back of un...

  5. MARKET SNAPSHOT: U.S. Stocks Sink; Dow Snaps 4-day Win Streak

    U.S. stocks declined Wednesday as the Federal Reserve said it would keep buying $85 billion in bonds each month, but may cut or increase the program depending on the...

  6. MARKET SNAPSHOT: U.S. Stocks Continue Slide After Fed Decision

    U.S. stocks declined Wednesday as the Federal Reserve said it would keep buying $85 billion in bonds each month, but may cut or increase the program, depending on th...

  7. Major media companies top estimates in shaky ad market

    Some of the biggest media conglomerates beat earnings expectations on Wednesday, though Time Warner Inc, Viacom Inc and Comcast Corp all found their television busin...

  8. MARKET SNAPSHOT: U.S. Stocks Curb Slide After Fed Decision

    U.S. stocks came off session lows on Wednesday afternoon after the Federal Reserve said it would maintain its current monetary easing, as expected.The Federal Reserv...

  9. MARKET SNAPSHOT: U.S. Stocks Sink Before Federal Reserve Decision

    U.S. stocks dropped sharply Wednesday, with the S&P 500 index retreating from its all-time high, as corporate revenue fell short of estimates, as did data on private...

  10. MARKET SNAPSHOT: U.S. Stocks Drop As Companies Miss On Revenue

    U.S. stocks fell Wednesday as companies from MasterCard Inc. to Merck & Co. Inc. reported quarterly results that fell short on revenue and data on private-sector job...

  11. MARKET SNAPSHOT: U.S. Stocks Drop On Corporate Revenue Misses

    U.S. stocks fell Wednesday as companies from MasterCard Inc. to Merck & Co. Inc. reported quarterly results short on revenue and data missed the mark on private-sect...

  12. MARKET SNAPSHOT: U.S. Stock Indexes Begin May With Losses

    U.S. stocks fell Wednesday as companies from MasterCard Inc. to Merck & Co. Inc. reported quarterly results short on revenue and data missed the mark on private-sect...

  1. DirecTV Said to Be Mulling Hulu Bid

    DirecTV (NASDAQ:DTV) is eyeing a possible bid to acquire online video site Hulu, according to a Wall Street Journal report.The No. 2 U.S. pay-TV operator was among t...

  2. DirecTV Considering Acquisition of Video Site Hulu

    DirecTV, the second largest U.S. pay-TV provider, is weighing a potential bid for Hulu, the latest company to show interest in the six-year-old online video site, ac...

  3. FCC nominee Wheeler to divest telecoms holdings if confirmed

    Tom Wheeler, nominated to become the new chairman of the Federal Communications Commission, pledged to divest stakes in AT&T Inc, Dish Network Corp, Google Inc and d...

  4. At Least Two Pay TV Operators Circling Hulu

    At least two pay TV operators, including cable giant Time Warner Cable Inc., are weighing an investment in Hulu as the online video site considers a range of strateg...

  5. Warner Bros Realigns TV and Digital Operations

    Warner Bros. said it is realigning its television business and digital operations, as the studio, under a new chief executive, seeks to adapt to a shift in the way p...

  6. Time Warner Asks EC for Right to Exercise CETV Voting Rights

    Time Warner Inc. (TWX) aims to fully exercise its voting rights in struggling broadcaster Central European Media Enterprises, or CETV, in which it has invested hundr...

  7. Break Up Sony? Well, Duh

    It must be seven or eight years since I wrote "My Last Sony," predicting the tech giant's downfall at the hands of overzealous chief executive Nobuyuki Idei and his ...

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