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The Walt Disney Co. is reducing its workforce by several hundred employees globally as the entertainment powerhouse seeks to cut costs and adapt to changing industry landscapes.
A Disney spokesperson confirmed the action on Tuesday.
The precise number of job cuts is unspecified, but the layoffs will affect various sectors, including television and film marketing, TV publicity, casting and development, and corporate financial operations.
No entire teams will be eliminated.
“As our industry rapidly evolves, we continue to assess ways to manage our businesses efficiently while promoting the state-of-the-art creativity and innovation that consumers cherish and expect from Disney,” the spokesperson stated. “Within this ongoing process, we have found opportunities to operate more efficiently and are discontinuing a select number of positions.”
Last month Disney posted solid profits and revenue in the second quarter as its domestic theme parks thrived and the company added well over a million subscribers to its streaming service. The company also boosted its profit expectations for the year.
Disney’s also been riding a wave of box office hits, including “Thunderbolts(asterisk)” and “Lilo & Stitch,” which is now the second-highest grossing movie of the year with $280.1 million in domestic ticket sales.
In 2023 Disney CEO Bob Iger announced that Disney would cut about 7,000 jobs as part of an ambitious companywide cost-savings plan and “strategic reorganization.” Disney said at the time that the job reductions were part of a targeted $5.5 billion cost savings across the company.
Shares of Disney, which is based in Burbank, California, rose slightly in midday trading.
