This company fires hundreds of employees across…, links to Mukesh Ambani, not Reliance, name is ..
The Walt Disney Company is undergoing significant layoffs, impacting hundreds of employees across its Disney Entertainment divisions, including the marketing teams for its film and television units, according to a report by Deadline.
Apart from these divisions, the layoffs will also affect the employees in the television publicity, casting, development and Disney's corporate financial operations divisions.
Deadline cited the sources and reported that the size of the cuts on Disney Entertainment's film and TV sides is comparable. The majority of the Disney Entertainment Television staffers are said to be based in Los Angeles.
According to the outlet, this is the fourth and largest round of layoffs in the past ten months that have affected various Disney television operations.
They are part of an ongoing cost-cutting process at the traditional media companies as they reshape their business to focus on streaming while facing economic headwinds.
Upon his return as CEO, Disney's Bob Iger has established a goal of at least 7.5 billion USD in cost reductions at the start of 2023, with about 7,000 jobs eliminated that year.
Earlier this year, in March, just under 200 Disney employees were laid off, representing almost 6% of the workforce in the ABC News Group and Disney's Entertainment Networks, including Freeform and FX, reported Deadline.
Before that, a big restructuring at the Walt Disney Company happened in October, involving the shutdown of ABC Signature, with its operations folded into 20th Television and the consolidation of ABC and Hulu Originals scripted drama and comedy teams, reported Deadline.
According to the outlet, lower-level development executives, including a manager of drama programming at ABC Hulu, have also been affected. Mukesh Ambani, the chairman of Reliance Industries, is linked to Walt Disney through merger deal. Reliance Industries merged its media assets, including Viacom18, with Walt Disney's India business and formed a joint venture (JV) of $8.5 billion. Under which Reliance controls 63.16% and Disney owns 36.84%. It is India's largest media and entertainment powerhouse.
(With inputs from ANI)
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