Cuts Likely Coming to ABC O&O's

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Remember back in May, when FTVLive told you exclusively that there was a hiring freeze at some ABC O&O's?

Then remember how ABC denied the FTVLIve story?

Well, word is now that ABC's parent company is eyeing budget cuts. 

The company is aiming to reduce costs by 10 percent by the end of the fiscal year, according to the Hollywood Reporter. 

THR says that the cutbacks could mean staff reductions and restructuring. However, a source says there is no specific headcount as plans for the possible cutbacks are still in the early planning stages. 

A network rep declined to comment. 

Of course they did.