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.
Bob Iger’s Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. Getty Images for Disney
The layoffs affect multiple teams around the world, including film and TV marketing, TV publicity, and casting and development, a source said. AFP via Getty ImagesIn 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 0.5% at $112.43 on Monday.
