Disney announces hundreds of layoffs
Kyiv • UNN
Disney is cutting staff amid changes in content consumption and aims to save $5.5 billion. The layoffs will affect various departments, but none will be completely eliminated.
Disney says it is laying off several hundred more people worldwide, including employees in film, television and finance, UNN reports, citing the BBC.
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The entertainment industry giant has come under pressure as viewers abandon cable subscriptions in favor of streaming platforms.
"As our industry rapidly transforms, we continue to explore ways to efficiently manage our business while fueling the cutting-edge creativity and innovation that consumers value and expect from Disney," a BBC representative said.
The latest job cuts follow major layoffs announced in 2023, when about 7,000 employees were laid off as part of CEO Bob Iger's $5.5 billion cost-cutting campaign.
The cuts will affect several teams, including marketing departments for its film and television divisions. It will also affect employees in Disney's casting, development and corporate finance departments.
"We have taken a surgical approach to minimizing the number of employees affected," the representative said. The company also said that no team will be completely eliminated.
The California-based firm employs 233,000 people, with just over 60,000 outside the United States.
Disney owns a variety of companies in the entertainment industry, including Marvel, Hulu and ESPN.
In May, the firm reported higher-than-expected revenues, with total revenue for the first three months of the year at $23.6 billion. This is 7% higher than in the same period in 2024.
The company said the growth was driven by new subscribers to its Disney+ streaming service.
This year, the company has released a number of new films, including "Captain America: Brave New World" and "Snow White."
The remake of the iconic animated film "Snow White" did not perform as expected in theaters, facing a number of negative reviews.
But Disney's latest release, "Lilo & Stitch," broke U.S. box office records over the Memorial Day holiday weekend.
According to industry firm Box Office Mojo, ticket sales for the animated film worldwide have reached more than $610 million since its release in May.