“I’m absolutely gutted.”

That was the anguished reaction of one ESPN executive as long-feared layoffs kicked in Monday at the network’s headquarters in Bristol, Connecticut.

Among those let go was Mike Soltys, a beloved 43-year veteran and the second-longest-tenured employee at ESPN. 

The layoffs are part of Walt Disney Co. CEO Bob Iger’s mandate to slash 7,000 jobs and $5.5 billion in costs.

• The first wave of layoffs in March didn’t impact ESPN, but this week’s could cost fewer than 100 ESPN staff their jobs, according to CNBC.
• Another wave will hit ESPN in early summer, possibly affecting on-air talent, as the network evaluates everything from salaries to job performance.  
• Chairman Jimmy Pitaro said in a memo: “We will have another wave of notifications that will be completed by the start of the summer for those that are not in front-facing talent roles.”

Timing will be everything for on-air talent.

There are at least ten or so untouchables ranging from Stephen A. Smith, Troy Aikman, Joe Buck, Kirk Herbstreit and Mike Greenberg to Scott Van Pelt, Doris Burke, Adam Schefter, Adrian Wojnarowski, and pending free agent Mina Kimes. 

But everybody else is vulnerable — especially talents with expiring contracts or less than a year on their deals. The fear is that the coming layoffs could be as bad or worse than 2017, when ESPN dumped big names like Trent Dilfer and Ron Jaworski.

The layoffs come as the network tries to retain the NBA’s billion-dollar media rights against possible bidders like NBC Sports, Amazon, and Apple.

Burke previously told Front Office Sports she was optimistic ESPN would hang on to the NBA. But you never know.

“I take nothing for granted. Absolutely nothing,” she said. 

The 2024 Paris Summer Olympics are more than a year away — but that hasn’t stopped fans from flocking to apply for tickets.

The local organizing committee reportedly received 4 million applications in the most recent lottery. Starting on May 11, fans who won will have two-day slots to buy tickets. 

The news is a major financial win, given the Olympics cost an estimated $4.7 billion to put on — and the vast majority of revenue is expected to come from media rights, sponsorships, and ticket and merchandise sales.

• The first lottery yielded 3.2 million ticket sales, predominantly from the U.K. and U.S.
• The organizing committee intends to sell 1.3 million tickets from the most recent lottery.

While there are ticket packages, the events are sold on an individual basis. Many are worth about $26, and some of the more popular events alone — like the women’s 100-meter final — cost $758 for the best seats. The men’s 100-meter final is even more, costing $1,076.

Tickets for the opening ceremony range from $99 to $2,960 — the most expensive ticket of all. 

By June, the committee plans for 5 million tickets to be sold — half of the total allotment. The Paris games will start shortly after Bastille Day, running from July 26-Aug. 11.

Coca-Cola enjoyed a strong quarter, with one notable exception.

The company’s market value hit $277 billion — but its sports drink category, driven by Powerade and BodyArmor, saw volume decrease 1%, according to its first-quarter earnings report.

Coke has been raising prices on its beverages to mitigate the impact of inflation, from which it anticipates a mid-single-digit percentage effect on its cost of goods in 2023.

• Coke’s net revenues grew 5% to $10.9 billion compared to 2022’s first quarter.
• Earnings per share reached 72 cents, a year-over-year increase of 12%.
• Cash-flow operations equaled $160 million, a decline of approximately $460 million from the year prior.
• The downward volume for Powerade and BodyArmor was balanced by increased demand for Coke’s coffee and bottled water divisions. 

Sales for Powerade’s and BodyArmor’s sports drinks lag behind rival PepsiCo’s Gatorade brand. Demand for Coke’s sports drinks could have also been impacted by the arrival of Prime Hydration, the energy drink from social media influencers Logan Paul and KSI that amassed $250 million in retail sales last year.

Coke initially owned 15% of BodyArmor before buying the remaining 85% of the company for $5.6 billion in 2021. BodyArmor’s athlete endorsers include Mookie Betts, Naomi Osaka, Dustin Johnson, Megan Rapinoe, James Harden, Mike Trout, and Sabrina Ionescu. 

It also has sponsorship deals with MLS, UFC, and tennis’ US Open.

Shares for Coke were up less than 1% Monday morning amid its earnings report.