The Walt Disney Co. is laying off several hundred employees worldwide as the entertainment giant looks to trim some costs and adapt to evolving industry conditions, according to the Associated Press. A Disney spokesperson confirmed the action on Tuesday.
The exact number of jobs being cut is unknown, but layoffs will occur across several divisions, including television and film marketing, TV publicity, casting and development and corporate financial operations. No entire teams will be eliminated.
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, and it’s been riding a wave of box office hits.
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.
