Disney is laying off several hundred employees worldwide, affecting various departments including film, television, and finance. This decision comes as the entertainment company faces pressure due to the shift from traditional cable TV subscriptions to streaming platforms. Disney’s spokesperson stated, “As our industry rapidly transforms, we are continuously assessing ways to efficiently manage our businesses while fostering the exceptional creativity and innovation that consumers value and expect from Disney.”
These job cuts follow the major layoffs announced in 2023 when approximately 7,000 workers were let go as part of an effort by CEO Bob Iger to save $5.5 billion. The latest layoffs will impact multiple teams, including marketing departments for film and television units, as well as workers in Disney’s casting, development, and corporate finance departments. However, no teams will be closed down entirely, and the company claims to have taken a surgical approach to minimize the impact on employees.
Disney employs a total of 233,000 workers, with just over 60,000 based outside the United States. The company owns a range of entertainment industry companies, including Marvel, Hulu, and ESPN. Despite the layoffs, Disney reported stronger-than-expected earnings in May, with overall revenue of $23.6 billion for the first three months of the year, representing a 7% increase compared to the same period in 2024. The growth was driven by new subscribers to its Disney+ streaming service. In addition, the company has released several successful films this year, including Captain America: Brave New World, Snow White, and Lilo & Stitch, which broke box office records in the US during the Memorial Day holiday weekend. Lilo & Stitch has generated more than $610 million in global ticket sales since its release in May.
Source: https://www.bbc.com/news/articles/ce80j93wrd2o
