Above video: Speaks Walt Disney World for “exhilarating speed” of water slides
Walt Disney Co. is dumping hundreds of employees around the world as the entertainment giant appears to cut several costs and adapt to evolving industry conditions.
A Disney spokesperson confirmed the action Tuesday.
The exact number of jobs being cut is unknown, but layoffs occur in several departments, including television and film marketing, television promotion, casting and development, and corporate finance operations.
The entire team is not eliminated.
“As our industry changes rapidly, we continue to appreciate how our businesses can be managed efficiently, while promoting the cutting edge creativity and innovation that consumers value and expect from Disney,” the spokesman said. “As part of this ongoing work, we are identifying opportunities to operate more efficiently and eliminating a limited number of positions.”
Last month, Disney recorded solid profits and revenues as domestic theme parks flourished in the second quarter, and the company added over 1 million subscribers to its streaming service. The company also raised expectations for profit that year.
Disney is also riding the box office wave, with “Thunderbolt (Asterisk)” and “Lillo & Stitch.”
In 2023, Disney CEO Bob Iger announced that Disney would cut approximately 7,000 jobs as part of an ambitious company-wide cost-cutting plan and “strategic restructuring.” Disney said at the time that job cuts were part of a total cost reduction of $5.5 billion.
Stocks of Disney, based in Burbank, California, rose slightly in the midday trading.
