Big changes are in the works for ESPN. In the coming months, ESPN plans to lay off nearly 300 current employees, according to Business Insider. This is the first round of layoffs, but reports show that it won't be the last. It is, however, the first time the company has had major layoffs since 2013.

The company released a statement in response to the reports: "ESPN has historically embraced evolving technology to smartly navigate our business. Any organizational changes will be announced directly to our employees if and when appropriate," it read, according to Variety.

ESPN's parent company, Disney, required the company cut $100 million from their budget for 2016, and $250 million from their budget for 2017, according to the Big Lead.

Annually, the layoffs will save the popular sports network $30-$40 million, according to Business Insider.

As well as making cuts to their budget, ESPN also plans on making changes to their popular show SportsCenter, according to Business Insider. The midday, weekly program will be cut down to an hour and a half, and the live show from 3 p..m. to 6 p.m. will be cancelled completely.