Disney's ESPN Reportedly Cutting Jobs

(RTTNews) - Walt Disney Co.'s (DIS) sports network ESPN is reportedly planning to cut up to 350 jobs.

ESPN plans to cut about 350 positions or around 4.3 percent of its workforce due mainly to rising programming costs, subscriber losses and lower profits, Bloomberg reported citing people with knowledge of the matter.

The job cuts are expected to be announced on early Wednesday. The sports network employs about 8,000 people worldwide.

In August, Disney had announced that earnings at the company's cable networks were below its estimates hurt by subscriber losses and currency translation.

According to reports, ESPN has lost over 4 million subscribers in the past four years.

DIS closed Tuesday's trading at $109.84, up $0.37 or 0.34%, on the NYSE. The stock further gained $0.01 or 0.01% in the after-hours trade.