The sports network ESPN will reportedly inform employees Wednesday about massive layoffs, according to a person with knowledge of the plan, CNNMoney reported Tuesday night. The cutbacks would come during a time of rising programming costs and loss of viewers for the network.  

The job cuts reportedly will affect as many as 350 employees, or 4.3 percent of the 8,000 positions at the network, Bloomberg reported. Walt Disney Co., the parent company of ESPN, had announced in August that its earnings won’t meet company forecasts due to subscriber losses and currency translation, and soon afterward layoff rumors began circulating.  

“ESPN has historically embraced evolving technology to smartly navigate our business,” the company said in a statement last month when plans for job cuts were reported by, Bloomberg reported. “Any organizational changes will be announced directly to our employees if and when appropriate.”

Earlier this year, ESPN cut ties with on-air commentators Bill Simmons and Keith Olbermann.