Disney is going through another round of layoffs, with hundreds of employees impacted across different parts of the company, according to Deadline.
This comes as Disney continues to shift its focus and adjust to changes in the entertainment world. Here’s what’s going on and how it fits into the bigger picture.
Most of the job cuts are happening within Disney Entertainment, especially in film and TV marketing, publicity, casting, and development. Some people in corporate finance are also affected. While some roles are being cut, no entire teams are being eliminated. Many of the affected TV employees are based in Los Angeles.
This is actually the fourth and biggest round of layoffs in Disney Television over the past 10 months. It’s all part of a larger effort to cut costs and reshape the business to focus more on streaming, while also facing some tough economic challenges.
When Bob Iger came back as Disney’s CEO, he set a goal to reduce costs by at least $7.5 billion this year. So far, about 7,000 jobs have been cut across the company. Back in March, around 200 employees were laid off from ABC News and Disney networks like Freeform and FX. Last October, Disney shut down ABC Signature to merge it with 20th Television, leading to about 30 layoffs. In July, about 140 people were affected, including 60 at National Geographic.
Despite these cuts, Disney recently reported better-than-expected earnings for the second quarter, thanks to strong performance in theme parks, experiences, and sports. Streaming also showed growth, with profits increasing by $289 million to $336 million.
At this year’s shareholder meeting, CEO Bob Iger said new jobs would be created mostly in Disney’s experiences division, like theme parks. This round of layoffs comes not long after NBCUniversal made similar cuts as part of its own restructuring.
This is part of ongoing changes in the entertainment industry as companies adapt to new challenges. Stay tuned to us here on AllEars for more updates as the situation develops.
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