Disney laying off several hundred in film, TV, finance
HighlightsWalt Disney Company is laying off several hundred employees across film, television, and corporate finance as part of a business strategy shift in response to declining cable TV audiences. In 2023, Walt Disney Company cut 7,000 jobs aimed at saving $5.5 billion in costs, following earlier layoffs affecting nearly 200 positions in the ABC News Group and Disney Entertainment Networks. Despite the layoffs, Walt Disney Company's recent earnings report showed strong results, with an unexpected boost from the Disney+ streaming service and a 21% rise in shares since the report.
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 $5.5 billion in costs.
Disney also laid off nearly 6%, or fewer than 200 people, in the ABC News Group and
Disney Entertainment Networks
in March.
The company's most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the
Disney+
streaming service and strong results from theme parks.
Disney shares, which have risen 21% since the earnings report, were down 0.3% at $112.62 on Monday afternoon.
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