Disney Lays Off Several Hundreds in Film, TV, and Finance as Streaming Reshapes Media Strategy

Benzinga

Walt Disney is laying off several hundred employees across its film, television, and corporate finance divisions, according to CNBC. The layoffs impact global teams in film and TV marketing, publicity, casting, and development as the company restructures its business as cable audiences shift to streaming. The move follows 7,000 job cuts in 2023 aimed at saving $5.5 billion. Disney laid off nearly 6% in March, or fewer than 200 employees, from the ABC News Group and Disney Entertainment Networks. Its May earnings report beat Wall Street expectations, driven by a surprise boost from Disney+ and strong theme park performance. Shares were up 21% since the earnings report and closed down 0.1% on Monday.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Walt Disney is laying off several hundred employees across its film, television, and corporate finance divisions, according to CNBC.

00:08Layoffs have backed global teams in film and TV marketing, publicity, casting, and development

00:13as the company restructures its business as cable audiences shift to streaming.

00:17The move filed 7,000 job cuts in 2023, aimed at saving $5.5 billion.

00:22Disney laid off nearly 6% in March, or fewer than 200 employees, from the ABC News Group and Disney Entertainment Networks.

00:29Its May earnings report beat Wall Street expectations, driven by a surprise boost from Disney+, and strong theme park performance.

00:35Shares were up 21% since the earnings report, and closed down 0.1% on Monday.

00:39For all things money, visit Benzinga.com slash GSTV.

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