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.
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 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’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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