Walt Disney Co. has initiated another round of layoffs, affecting hundreds of employees across its film, television, and various other divisions. The move, confirmed by CBS News, is part of the entertainment giant’s continuous efforts to streamline operations and manage costs in a rapidly evolving industry landscape.
While Disney did not disclose the exact number of employees being dismissed, a company spokesperson stated in an email on Monday, “As our industry transforms at a rapid pace, we continue to evaluate ways to efficiently manage our businesses while fueling the state-of-the-art creativity and innovation that consumers value and expect from Disney.” The spokesperson added, “As part of this ongoing work, we have identified opportunities to operate more efficiently and are eliminating a limited number of positions today.”
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The cuts are reportedly spread across several of Disney’s diverse operations, including film and television marketing, TV publicity, casting and development, and corporate financial operations. The spokesperson emphasized a “surgical approach to minimize the number of impacted employees.”
According to CBS, the recent downsizing follows earlier workforce reductions. In March, Bloomberg News reported that Disney laid off 200 employees from ABC and its entertainment TV networks. A more substantial cut occurred in April 2023, when CEO Bob Iger announced the elimination of 7,000 positions as part of a “significant transformation” within the company.
Disney’s vast portfolio includes major entities such as ESPN, ABC Entertainment, ABC News, Marvel, Disney+, and Hulu.
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Despite the ongoing workforce adjustments, Disney recently reported a strong second quarter, with revenue reaching $23.6 billion, a 7% increase compared to the same period last year. Following the earnings report, CEO Bob Iger expressed optimism, stating, “Overall, we remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.”
However, the news of the layoffs saw Disney shares dip 0.4% Monday afternoon. The company continues to navigate a challenging media landscape, balancing the need for efficiency with its commitment to innovation and creativity.
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