Walt Disney Lays Off Hundreds Of Employees In Film And TV Units

Entertainment giant Walt Disney Co. (DIS) is laying off several hundred employees in its film, television and corporate finance departments, according to media reports.

The layoffs impact staff around the world, including in areas such as film and TV marketing, publicity, and casting and development.

Walt Disney hasn’t said exactly how many employees will be impacted by the terminations.

Disney has been reshaping its business strategy as consumers migrate to streaming platforms and move away from traditional TV networks and theatrically released films.

In 2023, Disney cut 7,000 jobs as part of an effort to eliminate $5.5 billion U.S. in costs.

Disney also laid off nearly 6%, or about 200 people, in its ABC News and Disney Entertainment divisions in March of this year.

The company has also made cuts to its animation unit located in Vancouver, British Columbia.

Disney’s most recent earnings in May exceeded Wall Street expectations due to a boost from the Disney+ streaming service and strong results from its theme parks.

Disney’s stock has risen 2% this year to trade at $112.95 U.S. per share.