Walt Disney Company is implementing layoffs affecting several hundred employees globally. This move aims to reduce expenses and adjust to the changing landscape of the entertainment industry.
A Disney representative verified the layoffs on Tuesday.
While the precise number of affected positions remains undisclosed, the layoffs will span various departments. These include television and film marketing, TV publicity, casting and development, and corporate financial operations.
The company clarifies that entire teams will not be eliminated.
“Given the rapid transformation of our industry, we are continually assessing how to effectively manage our operations while fostering the cutting-edge creativity and innovation that audiences expect from Disney,” the spokesperson stated.
“As part of this ongoing effort, we’ve identified opportunities for greater efficiency and are eliminating a limited number of roles.”
Last month, Disney reported strong profits and revenue for the second quarter, driven by the success of its domestic theme parks and a significant increase of over one million streaming subscribers.
The company also raised its profit forecasts for the year.
Disney has also experienced success with box office hits like Thunderbolts* and Lilo & Stitch, with the latter now being the second-highest grossing movie of the year.
In 2023, Disney CEO Bob Iger announced plans to cut approximately 7,000 jobs as part of a comprehensive cost-reduction initiative and “strategic reorganization.”
At the time, Disney stated that the job cuts were intended to contribute to a target of $5.5 billion in cost savings across the organization.
Shares of Disney, headquartered in Burbank, California, saw a slight increase in midday trading.
