The entertainment powerhouse is laying off several hundred employees across various departments as it navigates the shift from traditional TV to streaming platforms.
**Disney Announces Additional Job Cuts Amidst Cost-Cutting Efforts**
**Disney Announces Additional Job Cuts Amidst Cost-Cutting Efforts**
Disney continues to downsize its workforce to adapt to changing industry dynamics.
In a continuing effort to streamline operations, Disney has confirmed further layoffs affecting several hundred employees globally, targeting its film, television, and finance sectors. The company faces significant pressure as consumer preferences evolve, leading viewers to favor streaming services over traditional cable TV. A spokesperson for Disney emphasized the company's commitment to managing operational efficiency while maintaining its creative edge that audiences expect from the brand.
These latest cuts come on the heels of a broader layoff initiative earlier this year, where around 7,000 jobs were eliminated as part of CEO Bob Iger’s strategy to save $5.5 billion. Departments hit by the current layoffs include marketing for film and television, casting, development, and corporate finance, although the firm reassured that no entire teams would be disbanded.
With a global workforce of 233,000, including over 60,000 employees outside the United States, Disney remains a key player in the entertainment industry. It owns well-known franchises and platforms such as Marvel, Hulu, and ESPN. Despite these layoffs, Disney reported a stronger-than-expected earnings surge in May, attributing a revenue increase of 7% year-over-year to a boom in Disney+ subscriptions. This year also saw successful film launches, including “Lilo & Stitch,” which grossed over $610 million globally since its May release.
These latest cuts come on the heels of a broader layoff initiative earlier this year, where around 7,000 jobs were eliminated as part of CEO Bob Iger’s strategy to save $5.5 billion. Departments hit by the current layoffs include marketing for film and television, casting, development, and corporate finance, although the firm reassured that no entire teams would be disbanded.
With a global workforce of 233,000, including over 60,000 employees outside the United States, Disney remains a key player in the entertainment industry. It owns well-known franchises and platforms such as Marvel, Hulu, and ESPN. Despite these layoffs, Disney reported a stronger-than-expected earnings surge in May, attributing a revenue increase of 7% year-over-year to a boom in Disney+ subscriptions. This year also saw successful film launches, including “Lilo & Stitch,” which grossed over $610 million globally since its May release.
