Walt Disney Co. is planning to trim the budget for ABC Television Group, TheWrap has learned.
Ten percent of annual costs is expected to be trimmed for the unit, which currently employs around 10,000 people.
The number of layoffs has not yet been decided, and the company hopes that some of the reductions will come from attrition and open headcount, according to an individual with knowledge of the situation.
The Wall Street Journal was first with the news of the proposed budgets and reports that as many as 300 staff members could be let go.
Many of the cuts are expected to take place at the ABC broadcast network, along with ABC’s television studio and news productions, WSJ reports. Disney Channel and Freeform are also likely to be affected.
President of Disney-ABC Television Group Ben Sherwood is said to be behind the cuts, as he had assured Disney chief Robert Iger that he could eliminate $300 million in costs.
ABC finished in third place last season in total viewers behind NBC and CBS. Prolific producer Shonda Rhimes announced earlier this month that she is leaving her longtime home at ABC for a multi-year deal at Netflix.
A representative for Disney declined to comment.