While many media groups reported strong 3rd quarter earnings, ABC’s parent company Disney did not.

Disney’s parks made billions of dollars, but their pay-TV services are still losing money.

Disney CEO Bob “Paycheck” Chapek now says that layoffs are coming to the company. “I am fully aware this will be a difficult process for many of you and your teams,” Chapek wrote in an email to executives at the company.

It is expected that cuts will happen across all divisions in the company.

“While we will not sacrifice quality or the strength of our unrivaled synergy machine, we must ensure our investments are both efficient and come with tangible benefits to both audiences and the company,” Paycheck said in his memo.

What does that line mean?

Basically, it says, my job is safe, but many of you will be screwed. It is sad that when management can’t effectively run a company, it is the rank and file that get the shaft.

No word on how many cuts will happen at the O&O’s, but sources tell FTVLive that a hiring freeze has now been put into place.

Stay tuned….