ABC News Cuts 20% Of Staff In Major Restructuring Move
ABC News Cuts 20% Of Staff In Major Restructuring Move...
ABC News announced sweeping layoffs Thursday, eliminating approximately 20% of its workforce in one of the largest media job cuts this year. The Disney-owned network confirmed the restructuring will affect nearly 300 positions across digital, production, and on-air teams.
The cuts come as parent company Disney faces pressure to reduce costs across its divisions. ABC News President Kim Godwin informed staff about the layoffs in a memo Thursday morning, calling it "an incredibly difficult day" but necessary for "positioning ABC News for the future."
Employees began sharing news of the layoffs on social media shortly after 10 AM ET, with many expressing shock at the scale. The network's Washington bureau and investigative units appear hardest hit, according to multiple staffers who spoke anonymously.
This marks the third round of layoffs at ABC News since 2022, reflecting broader struggles in the television news industry. Traditional networks face declining linear TV viewership while digital platforms struggle to monetize news content effectively.
The layoffs trended nationally Thursday as journalists across the industry reacted to the news. Media analysts note these cuts follow similar reductions at CNN, NBC News, and major newspaper chains in recent months.
Disney CEO Bob Iger has pledged $5.5 billion in cost reductions companywide. The entertainment giant reported weaker-than-expected earnings last quarter, with its linear television business seeing a 7% revenue decline year-over-year.
ABC News employees affected will receive severance packages based on tenure, according to the network. The cuts come just weeks before the network's crucial election year coverage ramps up for the 2024 presidential race.
Media unions including SAG-AFTRA and the Writers Guild issued statements condemning the layoffs. The ABC News layoffs follow Disney's elimination of 7,000 jobs companywide last year as part of its restructuring plan.
