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 (June 2).
00:00The Walt Disney Company is laying off several hundred employees across its film and television divisions this Monday.
00:06According to media reports, the job cuts are affecting global teams, including staff in marketing, publicity, casting, development, and corporate finance.
00:17Disney, along with other major media companies, is reworking its business strategy in response to the ongoing shift of cable television audiences toward streaming platforms.
00:27In 2023, Disney cut 7,000 jobs as part of a broader cost-saving initiative aimed at reducing expenses by 5.5 billion U.S. dollars.
00:40In March, the company laid off nearly 200 employees across the ABC News Group and Disney Entertainment Networks.
00:47Despite the restructuring, Disney posted a strong earnings report in May, surpassing Wall Street expectations with an unexpected boost from the Disney Plus streaming service and strong results from its theme parks.
01:02Following the earnings report, Disney shares climbed 21 percent.
01:06However, on Monday afternoon, the stock saw a slight dip, down 0.3 percent, trading at $112.62.
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