Disney hit with another round of layoffs with hundreds losing their jobs
Hundreds of Disney employees were terminated from the company after another round of layoffs at the company on Monday.
It's the fourth and largest round of Disney layoffs in the past year and this time targets the company's television operations. Company higher-ups confirmed the layoffs to Deadline but the exact number of employees to be impacted has not yet been announced.
The cuts impact corporate financial operations, film, television, marketing, television publicity, casting and development departments. No teams are being eliminated, the outlet reported, and most of the impacted staffers are based in Los Angeles.
Three months ago, Disney terminated 200 workers, including staffers at ABC News in New York and Disney-owned entertainment networks. In that round of layoffs, which officials said were due to shrinking TV ratings and revenue, staff was reduced by six percent.
In October, ABC News cut about 40 employees. That same month, the company underwent a restructuring that saw ABC Signature, a production arm of ABC, fold into 20th Television. Teams working on ABC and Hulu Originals scripted comedies and dramas were consolidated, resulting in 30 more layoffs.
Other Disney TV stations also lost staffers. The push to cut costs is partly due to the rise of streaming platforms as consumers ditch traditional TV for streaming services, including Netflix, Paramount+ and Disney+.
In 2023, Disney CEO Bob Iger set a goal of reducing operating costs by $7.5bn. That year, the company eliminated 7,000 jobs.
The Independent has contacted Disney for comment. Disney stock traded lower Monday but was slightly up in the after-hours market. The company reported better-than-expected earnings in its Q2 report last month. The increased revenue was driven by direct-to-consumer operating profit increasing by $289m to $336m.
While speaking at the company's annual shareholder meeting, Iger emphasized plans to create new jobs predominantly in experience sectors and theme parks.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
22 minutes ago
- Reuters
S&P Global 'positive' on Wells Fargo as regulatory burden lifts
June 6 (Reuters) - S&P Global (SPGI.N), opens new tab upgraded its outlook on Wells Fargo (WFC.N), opens new tab to "positive" from "stable", the ratings provider said on Friday, after the U.S. bank was released from a $1.95 trillion asset cap earlier this week. The U.S. Federal Reserve's unprecedented, seven-year long punitive measure was imposed on Wells in 2018 and restricted balance sheet growth so the bank could address rampant governance and compliance concerns that had been brought to light in a fake accounts scandal in 2016. The Fed's unanimous decision on Tuesday capped years of efforts by the bank to repair the damage and pay off billions of dollars in fines, sending Wells Fargo shares to a three-month high a day later. The stock has gained nearly 8.3% in a year where the benchmark S&P 500 (.SPX), opens new tab has remained flat. "The positive outlook on the holding company reflects our view that Wells Fargo has substantially improved its underlying governance, risk, and control profile, allowing for the removal of the Fed's asset cap," said S&P. S&P also expects Wells to expand its commercial and investment banking business, "the unit most affected by the asset cap and one that had to turn away some nonoperational deposits from customers." While the fourth-largest U.S. lender was forced to carefully manage wholesale deposits and its markets business, assets of peer JPMorgan Chase (JPM.N), opens new tab swelled by nearly $2 trillion since the start of 2018, while those of Bank of America (BAC.N), opens new tab and PNC Financial (PNC.N), opens new tab added about $1 trillion and nearly $200 billion, respectively.
Telegraph
28 minutes ago
- Telegraph
Echo Valley: Julianne Moore and Sydney Sweeney star in the plot-twist thriller of the year
There are few plot devices more pleasing than a surprise whose shock value mellows into pure karmic satisfaction, and Echo Valley delivers the toe-wriggler of the year. This pensive, riveting Apple TV+ thriller performs a sort of narrative jiu-jitsu on its audience – using the weight of an early, straightforward twist as leverage in a second, more elaborate one, which cumulatively leaves the viewer breathless and giddy on the mat. Directed by Britain's Michael Pearce (of Beast and Encounter) and written by Mare of Easttown creator Brad Inglesby, Echo Valley would make a persuasive answer to the question 'in a Taken-like crisis, what if it fell to the mum, rather than the dad, to sort everything out?' By that I don't mean that this is a film in which Julianne Moore rampages around rural Pennsylvania cracking Albanian skulls. Rather, Moore's stoic single mother, horse trainer Kate Garrett, uses a particularly maternal set of skills – foresight, forbearance, meticulous planning, sound character judgement, and an ability to call in the perfect favour from her friendship circle at just the right moment – to extricate her troubled adult daughter from a hellish predicament. Said daughter Claire (Sydney Sweeney) is a drug addict, and her habit has yoked her to two undesirable men. One is her boyfriend and fellow user Ryan (Edmund Donovan); the other is the couple's reptilian dealer Jackie (Domhnall Gleeson, resplendently hideous), to whom the pair find themselves $10,000 in debt. With no hope of recouping the sum from Claire, Jackie tails the girl to her mother's shiningly bucolic and seemingly successful farm – which he decides to treat, via threats of violence and ruin, as an enormous, hay-strewn ATM. To his eyes, this woman clearly has money to spare. We know better, however: in a dry yet tender cameo, Kyle MacLachlan pops up as the successful former husband still shovelling four-figure cheques into this sun-dappled money pit which has come to stand for everything his ex holds dear. Echo Valley opens with half an hour of relatively low-key scene-setting drama that also delicately sketches in Kate's grief for her late female partner: enough to invest the more suspenseful remainder with enough emotional weight to make it really smack. As Claire, who in bomb terms is less shell than site, the often glamorous Sweeney has been pointedly cast against type. But Claire's complex mother-daughter relationship with Kate – strained well beyond breaking point, yet still determinedly, impossibly unsnapped – is deftly handled by both actresses. In a brilliantly underplayed early scene, the two go swimming at an idyllic local lake, which later serves as a nexus for various murky developments. Kate watches her girl playing happily with some younger children, and Moore's unspoken anguish – if this is her now, why can't it be her always? – vibrates silently through the moment. Inglesby wittily repurposes such modern plot-wreckers as mobile phone tracking and instant messaging into real dramatic assets, while as a director, Pearce is a savvy stylist who knows exactly when to rein things in: imagine Jacques Audiard with a cricket conscience perched on his shoulder whose only job is to say 'steady on'. The outrageous yet methodical nature of Kate's rescue plan for her daughter is, therefore, an ideal fit for him. Echo Valley is nothing like a conventionally air-punchy film, but you can't help but cheer the whole enterprise on.
Telegraph
28 minutes ago
- Telegraph
Trump vs Musk is the final battle before economic catastrophe
Who needs reality TV when there's the psychodrama of Trump's White House to keep us all entertained? As plot lines go, the falling out between Elon Musk and Donald Trump was perhaps about as predictable as they come, but the sheer venom, speed and combustibility of the divorce has nevertheless proved utterly captivating. Even the best of Hollywood scriptwriters would have struggled to do better. The stench of betrayal hangs heavy in the air, a veritable revenger's tragedy of a drama. Beneath it all, however, lies a rather more serious matter than the sight of two of the world's richest and most powerful men breaking up and exchanging insults. And it's one which afflicts nearly all major, high income economies. Slowly but surely – and at varying speeds – they are all going bust. Yet few of them even seem capable of recognising it, let alone doing anything to correct it. None more so than the United States, where the Congressional Budget Office last week estimated that Trump's 'one big, beautiful bill' would add a further $2.4 trillion to the national debt by 2034. Let's not take sides, but Musk was absolutely right when he described the bill as 'a disgusting abomination'. It taxes far too little, and it spends far too much. It is hard to imagine a more reckless piece of make-believe. Musk had backed Trump not just out of self-interest – more government contracts, protection of the electric vehicle mandate, personal aggrandisement and so on – but because he genuinely believed he could help stop the US from bankrupting itself. This has proved a monumental conceit. The $2 trillion of savings in federal spending he initially promised has turned out to be at most $200bn, and probably substantially less once double accounting and wishful thinking is factored in. In any case, against total federal spending last year of nearly £7 trillion, it is but a drop in the ocean, and only goes to show just how difficult it is to find serious savings in government administration even when given a free hand with the headcount.
