The people Business Insider spoke with said that through it all, staffers were working harder than ever to prevent the layoffs they were seeing in other parts of Disney. Disney's media networks business, which includes ESPN, brought in $6.5 billion in revenue last quarter, down about 2% from last year, but comprising 55% of the company's total revenue that period.
ESPN has been trying to grow its streaming services ESPN Plus, which had 8.5 million subscribers as of June. Two weeks ago, the company announced it wasOne Wall Street analyst, who didn't expect the layoffs to impact Disney's overall financial outlook too much, said that the cuts were inevitable. Prior to the pandemic, we had been deeply engaged in strategizing how best to position ESPN for future success amidst tremendous disruption in how fans consume sports. The pandemic's significant impact on our business clearly accelerated those forward-looking discussions.
Sorry to hear about the layoffs.
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