Disney to lay off several hundred employees worldwide
The Walt Disney Co. DIS-N is laying off several hundred employees worldwide as the entertainment giant looks to trim some costs and adapt to evolving industry conditions.
A Disney spokesperson confirmed the action on Tuesday.
The exact number of jobs being cut is unknown, but layoffs will occur across several divisions, including television and film marketing, TV publicity, casting and development, and corporate financial operations.
No entire teams will be eliminated.
'As our industry transforms at a rapid pace, we continue to evaluate ways to efficiently manage our businesses while fueling the state-of-the-art creativity and innovation that consumers value and expect from Disney,' the spokesperson said. 'As part of this ongoing work, we have identified opportunities to operate more efficiently and are eliminating a limited number of positions.'
Lilo & Stitch, Mission: Impossible rack up nearly $500-million in ticket sales
Last month, Disney posted solid profits and revenue in the second quarter as its domestic theme parks thrived and the company added well over a million subscribers to its streaming service. The company also boosted its profit expectations for the year.
Disney's also been riding a wave of box office hits, including Thunderbolts* and Lilo & Stitch, which is now the second-highest grossing movie of the year with US$280.1-million in domestic ticket sales.
In 2023, Disney CEO Bob Iger announced that Disney would cut about 7,000 jobs as part of an ambitious companywide cost-savings plan and 'strategic reorganization.' Disney said at the time that the job reductions were part of a targeted US$5.5-billion cost savings across the company.
Shares of Disney, which is based in Burbank, Calif., rose slightly in midday trading.
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