Warren Buffett's 1991 letter perfectly explains ESPN's troubles

On Wednesday, a brutal round of layoffs at ESPN resulted in roughly 100 employees being fired, including a number of high-profile on-air talent and reporters.
The firings came after a long-term downtrend for ESPN's fortunes as a decline in subscribers and ratings have hit the company's bottom line.
The so-called "Worldwide Leader in Sports" has been struggling to navigate its future in a world with streaming services, readily available sports highlights, and sky-high costs for rights f