According to Disney, it is cutting off several hundred additional employees worldwide, affecting those in its finance, television, and film divisions. Customers switching from cable TV subscriptions to streaming services have pressured the entertainment behemoth.
“As our sector develops at a rapid speed, we continue to explore ways to efficiently administer our businesses while fuelling the state-of-the-art creativity and innovation that consumers value and expect from Disney,” a representative for the BBC said. The most recent layoffs follow significant layoffs announced in 2023, when about 7,000 employees were let go as part of CEO Bob Iger’s effort to save $5.5 billion (£4.1 billion).
Many teams will be impacted by the changes, including the marketing divisions for its television and film divisions. Additionally impacted will be employees in Disney’s corporate finance and casting and development divisions.
We have been careful in our efforts to minimise the number of impacted employees,” according to a spokeswoman. Additionally, no teams would be completely shut down, the business stated. Just over 60,000 of the 233,000 employees of the California-based company are situated outside of the United States. Marvel, Hulu, and ESPN are just a few of the many entertainment-related businesses that Disney controls. The company’s May profits were better than anticipated, with total sales for the first three months of the year coming in at $23.6 billion. Compared to 2024, there was a 7% rise.
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