ABC News to Cut Workforce - TheStreet

NEW YORK (

TheStreet

) --

Walt Disney's

(DIS) - Get Report

ABC News division is looking to cut hundreds of jobs amid advertising woes and a decline in audience.

ABC News reportedly plans on reducing its workforce by 300 to 400 jobs.

In the announcement, ABC News, of course, attempted to spin the layoffs, noting that the workforce reduction would make its newsgathering and production operations leaner, more efficient and much more focused on digital journalism. The reduction is part of a larger plan that envisions reporters and producers shooting and producing their own material using new technologies.

ABC News is reportedly offering voluntary buyouts to U.S. non-union staff in the coming weeks.

The news network currently has roughly 1,500 people on its payroll.

Disney shares have edged up 1.0% to $31.22.

-- Reported by Andrea Tse in New York

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