This is the generation of cord-cutters. As millenials have started growing up and paying bills, they’ve taken their “we want it our way” attitude with them, and it’s starting to hurt big companies like ESPN.
Reports surfaced last month that Disney — ESPN’s parent company — ordered the Worldwide Leader to cut $350 million in costs for 2016 and 2017. Suddenly, the network’s biggest names –Bill Simmons, Keith Olbermann and Colin Cowherd, to name a few — were leaving the network for a variety of reasons. It was just the beginning.
Wednesday, stock in Disney plummeted by $10, leading to widespread concern for investors, at least according to the numerous columns on the issue.
So what’s the real issue behind ESPN’s apparently huge problem? Find out over at The Big Lead.
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Thumbnail photo via Twitter/@ChrisYandle