Disney laying off several hundred in film, TV, finance
Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter said on Monday.
The layoffs affect multiple teams around the world, including film and TV marketing, TV publicity, and casting and development, the source said.
Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7,000 jobs as part of an effort to save US$5.5 billion in costs.
In May, Disney reported earnings that exceeded expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks.
Disney shares, which have risen 21 per cent since the earnings report, were down 0.5 per cent at $112.43 on Monday.
Reporting by Lisa Richwine in Los Angeles and Jaspreet Singh in Bengaluru; Editing by Arun Koyyur and David Evans.
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