Disney has announced several hundred additional layoffs worldwide, affecting employees in its finance, television, and film divisions. As more people choose streaming services over cable TV subscriptions, the entertainment behemoth has been under pressure.
“As our business transforms at a fast pace, we continue to examine ways to operate efficiently while fuelling the modern creativity and innovation that consumers value and expect from Disney,” a representative for the BBC stated.
The most recent layoffs follow significant cutbacks announced in 2023, when CEO Bob Iger slashed almost 7,000 employees in an effort to save $5.5 billion (£4.1 billion). The marketing departments for its film and television businesses will be among the several staff affected by the downsizing.
Employees in Disney’s corporate finance and casting and development divisions would also be impacted. We have been surgical in our approach to minimise the number of impacted employees,” stated a spokeswoman. Additionally, the business stated that no teams will be completely shut down.
Of the 233,000 employees of the California-based company, somewhat more than 60,000 are located outside of the United States. Disney owns a number of businesses in the entertainment sector, such as ESPN, Hulu, and Marvel. The company’s May results were better than anticipated with total sales for the first three months of the year of $23.6 billion. Compared to the same time in 2024, that represented a 7% gain.
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