Walt Disney’s new CEO, Josh D’Amaro, announced layoffs in an email to employees on Tuesday as part of his effort to streamline the company’s operations.
About 1,000 jobs will be cut, according to a source familiar with the development.
The cuts will affect marketing, which was reorganized in January, as well as other parts of the company, including studios and television operations, ESPN, products and technology, and some corporate functions, according to the source.
Disney began notifying employees this week.
Disney announced hundreds of layoffs
“Given the rapidly changing pace of our industries, this requires us to constantly evaluate how to cultivate a more agile and technologically skilled workforce to meet the needs of tomorrow,” D’Amaro wrote in an email obtained by Reuters. “As a result, we will be eliminating positions in some parts of the company.”
Like other Hollywood studios, Disney is adjusting to new economic realities, including the decline of the television industry, shrinking box office receipts and intensifying competition. Warner Bros. Discovery and Paramount Skydance have also made layoffs.
The last major round of layoffs at Disney came in 2023, when the company announced it would cut 7,000 jobs as part of a $5.5 billion cost-saving effort. At the time, Disney was under pressure from investor Nelson Peltz to improve its financial performance and stem losses in its streaming business.
Disney said it employed about 231,000 people in September, the end of its fiscal year.
The Wall Street Journal was the first to report the layoffs.
Source: lifo.gr