Walt Disney Co. (DIS) - Get Walt Disney Company Report is planning to cut as many as 300 jobs at the ABC Television Group as part of its plan to reduce costs by 10%, sources told the Wall Street Journal. 

Disney/ABC Television Group President Ben Sherwood has promised CEO Bob Iger that he would shave $300 million in costs in an effort to turn the television network into a "21st-century broadcaster," according to the Journal. 

Lower advertising revenue and higher operating costs have caused ABC's revenue to fall 22% over the nine month period ending in June while operating income has risen 26% over the same time period. 

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