ABC News to Ask Hundreds to Resign; May Cut Workforce by About 20%
Weak advertising is forcing ABC News to restructure, as per a report by the LA Times, resulting in a workforce reduction of 20%, or approximately three hundred employees.
The process is expected to begin tomorrow morning in which ABC News will seek volunteers to accept a buyout and leave the organization followed by likely layoffs if not enough volunteer. ABC News employs 1,4000 staffers in all.
Update #1: AOL’s Daily Finance has reprinted today’s memo from ABC President David Westin which you can view here.