Latest news with #WaltDisneyCompany
Powys County Times
11 hours ago
- Business
- Powys County Times
Disney laying off several hundred employees worldwide
The Walt Disney Company 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 lay-offs 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 fuelling 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.' 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. In 2023, Disney CEO Bob Iger announced that Disney would cut about 7,000 jobs as part of an ambitious company-wide cost-savings plan and 'strategic reorganisation'. Disney said at the time that the job reductions were part of a targeted 5.5 billion dollars cost savings across the company. Shares of Disney, which is based in Burbank, California, rose slightly in midday trading.
BreakingNews.ie
12 hours ago
- Business
- BreakingNews.ie
Disney laying off several hundred employees worldwide
The Walt Disney Company 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. Advertisement The exact number of jobs being cut is unknown, but lay-offs 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 fuelling 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.' Advertisement 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. In 2023, Disney CEO Bob Iger announced that Disney would cut about 7,000 jobs as part of an ambitious company-wide cost-savings plan and 'strategic reorganisation'. Advertisement Disney said at the time that the job reductions were part of a targeted 5.5 billion dollars cost savings across the company. Shares of Disney, which is based in Burbank, California, rose slightly in midday trading.
Irish Examiner
12 hours ago
- Business
- Irish Examiner
Disney laying off several hundred employees worldwide
The Walt Disney Company 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 lay-offs 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 fuelling 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.' 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. In 2023, Disney CEO Bob Iger announced that Disney would cut about 7,000 jobs as part of an ambitious company-wide cost-savings plan and 'strategic reorganisation'. Disney said at the time that the job reductions were part of a targeted 5.5 billion dollars cost savings across the company. Shares of Disney, which is based in Burbank, California, rose slightly in midday trading.
Time of India
19 hours ago
- Business
- Time of India
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.
India.com
20 hours ago
- Business
- India.com
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)
