Even though it makes a ton of money, ESPN laid off several hundred people today. There have been reports that it is in the 400 range, but I am told that number is high.

In a statement, the network said:

“We are implementing changes across the company to enhance our continued growth while smartly managing costs. While difficult, we are confident that it will make us more competitive, innovative and productive.”

The cuts appear to be part of a Disney Co. initiative to reduce staff. However, did those ESPNers lose their jobs because of the massive rights fees the network is shelling out?

Last month, Kirsten Aucuna of Business Insider wrote:

In February, the company revealed lower first-quarter results, attributing them in part to “rising costs of acquiring TV sports rights for its ESPN division,” something Iger previously predicted would occur at the end of 2012.

A correlation? Perhaps, given this text to Deadspin’s John Koblin.

btw…..we were told that the layoffs ARE tied to the profit margin that ESPN needs to meet and the fact they haven’t met that number. Your comments about them buying all of these live rights and now needed to reduce overhead costs is dead on.

For whatever the reason, definitely a tough day at ESPN.