BURBANK, California: Walt Disney is laying off several hundred employees across its film, television, and corporate finance departments, a source familiar with the decision said on June 2.
These job cuts will impact teams worldwide, including those in film and TV marketing, publicity, casting, and development.
Like other media companies, Disney is changing its business model as more viewers move from traditional cable TV to streaming platforms. In 2023, Disney already cut 7,000 jobs to reduce costs by US$5.5 billion.
Earlier this year, in March, Disney also laid off fewer than 200 people, or about six percent of staff, from its ABC News Group and Disney Entertainment Networks divisions.
Despite the ongoing layoffs, Disney's latest earnings report in May showed better-than-expected results. The company saw a surprise boost from its Disney+ streaming service and strong performance from its theme parks.
Since that earnings report, Disney's stock has risen by 21 percent. However, on the afternoon of June 2, the stock was slightly down by 0.3 percent, trading at $112.62.
