Disney to Cut 300 Jobs at ABC
ABC revenue is down 22%.

Walt Disney Co. (DIS) 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. 

More of What's Trending on TheStreet:

If you liked this article you might like

Market Selloff Survival Strategies: Cramer's 'Mad Money' Recap (Thurs 9/21/17)

Royal Caribbean Cruise Set to Sail Through Caribbean Hurricane Disasters?

Microsoft's New Xbox One X Shows It's Done Trying to Please Everyone

'The Handmaid's Tale' Emmy Win Is Really Big for Netflix

Stocks Dad Would Have Loved, And Why He Was Right