REUTERS - Walt Disney Co's sports network ESPN is reorganizing and eliminating over 300 positions, according to a person familiar with the situation.
The reorganization was announced Wednesday morning in a memo to employees from ESPN president John Skipper, seen by Reuters.
ESPN is making the changes as part of a shift in strategy to enhance its sales and marketing by using data and invest more in emerging technology, according to the memo.
The reorganization comes after Walt Disney Chief Executive Bob Iger said in August it was seeing declines in ESPN subscribers as viewers move to cheaper digital platforms. That sent shares down over 9 percent to $110.53.
The stock has rebounded since then, trading around $111.24 in late morning trading Wednesday.
(Reporting By Jessica Toonkel; Editing by Frances Kerry)
