Walt Disney Co. (NYSE:DIS) is preparing significant budget cuts at its Disney/ABC Television Group, according to a Wall Street Journal report, a move that will include staff reductions and restructurings.
The newspaper said the bulk of the cuts are expected to take place at the ABC broadcast network, its television production studio, ABC News and local television stations.
Overall, it added, the cuts are expected to represent 10% of the TV unit’s annual costs and will identified by the end Disney’s current fiscal year on September 30.
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The Disney/ABC TV Group employs close to 10,000 people and the total number of positions being eliminated could be as many as 300, the WSJ report said.