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ESPN's woes: it spends too much on content and charges consumers too much

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Over the last four years, ESPN has lost around 12 million subscribers, from over 100 million to 88 million. It remains hugely profitable, but is no longer the reliable cash cow for Disney that it once was.

Washington

ESPN, which laid off 100 people last week, has a multitude of problems, but the basic one is this: it pays too much for content and costs too much for consumers.

That didn't used to matter because, thanks to the way the cable industry "bundled" channels, cable customers

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