Disney lays off hundreds across film, TV, and finance departments

Walt Disney, one of the world’s biggest entertainment companies, is letting go of several hundred employees. According to a source familiar with the situation, the job cuts affect people working in film, television, and corporate finance teams.

These layoffs are taking place in many parts of the world. Teams involved in film and TV marketing, television publicity, casting, and content development are among those impacted.

Photo : AFP

This move is part of Disney’s larger effort to change how it does business. Like many other companies, Disney is adjusting to the fact that more people are switching from watching cable TV to streaming shows online. Because of this shift, Disney has been focusing more on its streaming services like Disney+.

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Last year, in 2023, Disney announced it would cut about 7,000 jobs to help save around $5.5 billion. Earlier this year, in March, Disney also laid off nearly 200 people, or about 6% of its staff, in the ABC News Group and the Disney Entertainment Networks division.

Even with these cuts, Disney’s recent earnings report in May showed good results. The company performed better than expected, especially thanks to Disney+ gaining more subscribers and their theme parks bringing in strong profits.

Despite these positive results, Disney’s stock was slightly down by 0.3% on Monday afternoon, trading at $112.62. However, since the earnings report, the company’s shares have gone up by 21%.

These layoffs are part of Disney’s ongoing plan to stay competitive and focus more on areas that are growing, like streaming and theme parks