Disney to lay off several hundred employees globally
Disney (DIS) is laying off several hundred employees across its global operations as part of an effort to reduce costs, with consumers increasingly shifting from traditional cable packages to streaming.
The cuts are part of a broader effort to streamline operations as the entertainment giant adapts to a rapidly changing media landscape. Affected areas include marketing for both film and television, TV publicity, casting and development, and corporate financial operations.
The company told Yahoo Finance that it has taken a surgical approach to minimize the number of impacted employees, adding that no teams are being eliminated as part of the process.
The stock was little changed on the news.
The mass exodus of pay-TV subscribers has triggered widespread job losses across nearly all of the media industry's traditional businesses. In response, companies like Disney have shifted their focus and resources toward streaming, pouring billions into building out direct-to-consumer platforms as audiences abandon pay-TV.
In its latest earnings release, Disney reported a 13% year-over-year drop in linear network revenue while direct-to-consumer revenue climbed 8%, underscoring the company's accelerated pivot to digital distribution.
Since 2023, Disney has eliminated more than 8,000 roles as part of a broader effort to cut $7.5 billion in annual costs.
Earlier this spring, Disney eliminated just under 200 roles within its news and entertainment division, with the bulk of cuts impacting ABC News. As part of those layoffs, production teams across "20/20" and "Nightline" were consolidated, along with the teams behind the three hours of "Good Morning America's" branded programming. The division also shuttered FiveThirtyEight, its political and data journalism site.
Disney's latest round of cuts comes after the company reported strong second-quarter results last month and announced plans to build a new theme park and resort in Abu Dhabi, marking its first major expansion into the Middle East and seventh global resort.
Shares have surged over 20% since the report as investors praised the company's improving financial performance and long-term growth strategy.
Allie Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
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