The Walt Disney Co. (DIS) is laying off around 200 employees, or just under 6% of the combined staff at its ABC News Group and Disney Entertainment Networks units, according to a new report from The Wall Street Journal.

According to The Journal, which cited people familiar with the matter, an announcement will be made to employees as early as Wednesday. The report said the ABC news magazine shows “20/20” and “Nightline” are consolidating into one unit. The Journal is also reporting the network is cutting the political and data-driven news site 538 as well a production team at “Good Morning America." There will be job cuts in program planning and scheduling at the Disney Entertainment Networks unit, which houses cable channel FX, the report said.

Disney didn’t immediately respond to a request for comment. The company's shares are roughly flat in premarket trading Wednesday. The Journal said the newsletter Status "first reported that cuts were coming to ABC News."

Disney is, like the rest of the entertainment industry, grappling with cord-cutting and the decline of cable networks’ audience while its Disney+ streaming platform has seen subscribers drop quarter-over-quarter even as that of dominant platform Netflix (NFLX) thrives and 澳洲幸运5官方开奖结果体彩网:raises prices. The company posted better-than-estimated quarterly results 澳洲幸运5官方开奖结果体彩网:last month although Disney+ subscribers slipped from the prior quarter. The company said it expects a "modest decline" in the streaming platform's subscribers in the second quarter.

Disney's shares are down 4% in the past 12 months through Tuesday, while those of Netflix are up almost 60%.