ESPN, the self-described worldwide leader in sports, is set to announce as early as Wednesday that it will be cutting 350 jobs due to falling revenues and viewership.

"Beginning today, we will be enacting a number of organizational changes at ESPN to better support our future goals," ESPN president John Skipper said in a memo Tuesday. "That will include the elimination of a number of positions impacting friends and colleagues across the organization," he warned, though he did not provide details about what departments and positions would be cut.

The job cuts are expected to represent 4.3% out of 8,000 employees the network employs worldwide. According to insiders, the cuts could be officially announced this week.

The reason for the massive layoffs appears to be declines in advertising revenues and ratings amid the increase of other sports viewing options. The network has suffered a four-year downward trend which has seen the channel lose four million subscribers in the last four years, in part due to the network being one of the highest priced on the cable circuit.

The move also comes after a failed attempt 3D venture world that failed in part because of technological development problems.

Over the last few months, ESPN made a few high-profile cost-saving moves, including cutting ties with Keith Olbermann, Bill Simmons, and Colin Cowherd, all of whom made a habit of emphasizing cultural and political commentary at the expense of sports commentary.

Officials from the company have thus far declined to comment on the matter.