Several rumors of ESPN’s bankruptcy started mounting up on social media after the network fired around 20 on-air commentators in a gruesome firing spree. Several social media users started anticipating the reason for the spontaneous firing from the channel.

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ESPN informed its staff of impending layoffs via an internal website on Friday morning. The network is reducing significantly, and well-known individuals like Jeff Van Gundy, Max Kellerman, Keyshawn Johnson, Suzy Kolber, and Jalen Rose will be leaving. ESPN hopes to save tens of millions of dollars through this cost-cutting initiative, which is expected to result in the release of about 20 on-air personalities.

However, there have been no confirmed reports of bankruptcy as of now, as it can be just a social media rumor for now. Though one cannot deny the fact that spontaneous firing is pointing fingers at something bigger, which is not disclosed yet.

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As the news surfaced on the internet several users started anticipating the rumors of bankruptcy which led to such major action. One user tweeted, “damn is espn filing bankrupcy or what😂aint finna be no more espn”

“I would like to publicly apologize to @EPSN for saying they are dying slowly. THEY ARE DEAD! @stephenasmith can’t carry a 24/7 operation. Bankruptcy is coming for ESPN.” another user tweeted.

However, multiple reports claim, these layoffs are just part of the bigger Disney cost-cutting plan, which strives to improve operations and lower costs, including job losses. Even though operational profit is expected to increase by 56% to $12.1 billion in 2022, the corporation is taking these steps to save costs.

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As per the CNN report, all the commentators, including Max Kellerman, Keyshawn Johnson, Jeff Van Gundy, Jalen Rose, and LaPhonso Ellis, were under contract. Despite their contracts, the individuals will have the opportunity to explore other options. However, it was highlighted that these cuts were primarily driven by the corporation’s cost-cutting measures rather than any performance-related factors.