The Walt Disney Company (DIS) Laying Off Hundreds Across Multiple Teams, Media Reports

The Walt Disney Company (NYSE:DIS) is laying off several hundred employees globally, according to reports released on Monday. The layoffs are affecting employees across multiple teams, including film, television marketing, and corporate finance.

The Walt Disney Company (DIS) Laying Off Hundreds Across Multiple Teams, Media Reports

A packed theater of moviegoers watching a blockbuster film produced by the entertainment company.

The latest job cuts come amid a rapid shift of cable TV audiences to streaming platforms, forcing companies in the sector to reshape their business strategies.

In March, The Walt Disney Company (NYSE:DIS) cut 6% of the workforce at ABC News Group and Disney Entertainment Networks. In 2023, the company eliminated nearly 7,000 jobs in an effort to reduce costs by $5.5 billion.

The layoffs follow The Walt Disney Company (NYSE:DIS)’s second-quarter earnings on May 7, beating both the top and bottom lines, driven by better-than-anticipated subscriber growth for its Disney+ streaming platform and impressive results from theme parks. The stock has risen by over 22% since the earnings call.

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