(Reuters) -Walt Disney is laying off several hundred employees globally in teams including marketing for film and television, publicity, and casting and development, a source familiar with the matter
Disney Cuts Hundreds of Jobs in Film, TV, and Finance Departments
(Reuters) -Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter said on Monday.
The layoffs affect multiple teams around the world, including film and TV marketing, TV publicity, and casting and development, the source said.
Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7,000 jobs as part of an effort to save $5.5 billion in costs.
In May, Disney reported earnings that exceeded expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks.
Disney shares, which have risen 21% since the earnings report, were down 0.5% at $112.43 on Monday.
(Reporting by Lisa Richwine in Los Angeles and Jaspreet Singh in Bengaluru; Editing by Arun Koyyur and David Evans)
