Disney begins layoffs, plans to cut 1,000 jobs
What's the story
The Walt Disney Company has initiated its latest layoff round expected to cut 1,000 jobs across the company. The layoffs will impact various divisions including marketing, studios, television business and ESPN. The move comes as Disney grapples with declining TV revenues and box office pressures while facing increased competition in the industry.
Restructuring plan
Email sent to employees by Josh D'Amaro
Josh D'Amaro, Disney's new CEO, revealed the impending job cuts in an email to employees on Tuesday. "Given the fast-moving pace of our industries, this requires us to constantly assess how to foster a more agile and technologically-enabled workforce to meet tomorrow's needs," D'Amaro wrote in an email. "As a result, we will be eliminating roles in some parts of the company."
Job cuts
Disney's earlier cost-cutting measures
The latest layoffs come after Disney's earlier cost-cutting measures, which included cutting 7,000 jobs in 2023 to save $5.5 billion. The company had a workforce of about 231,000 people as of September-end. Other Hollywood studios such as Warner Bros Discovery and Paramount Skydance have also undergone layoffs amid these industry-wide changes.