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ESPN and the cable TV crisis

Rebecca Zisser / Axios

ESPN laid off as many as 100 employees Wednesday. The company cited "changes in technology and fan behavior" (meaning social media and highlight consumption) for the demands driving the cuts.

Why it matters: ESPN's dilemma is a reflection of what many in the cable industry are facing today in higher production costs, dwindling subscribers and stagnant ad revenues. By nearly every measure, signs point to thinning margins for the cable industry, and an eventual newspaper-like revenue collapse as viewers migrate their attention to streaming and social media.