According to Deadline, the Walt Disney Company announced yet another wave of layoffs, laying off several hundred workers globally.
The majority of the layoffs are in the Disney Entertainment division, which includes roles in TV and film marketing as well as casting and development publicity for television. Additionally, positions in the company’s financial division are being cut.
In an email to CBS News on Monday, June 1, a representative stated, “As our industry changes quickly, we continue to look for ways to manage our businesses effectively while fostering the cutting-edge creativity and innovation that consumers value and expect from Disney.” “As part of this ongoing work, we are eliminating a limited number of positions today because we have identified opportunities to operate more efficiently.”
READ MORE: A New Teaser Trailer For Disney Animation’s ‘Zootopia 2’ Has Been Released
It was unclear how many employees would be let go.
Transition in the industry toward streaming services
As more people choose to watch material on streaming services rather than traditional cable TV, Disney and its rivals are modifying their business plans.
ESPN, ABC Entertainment, ABC News, Marvel, Disney+, and Hulu are all part of Disney’s portfolio, which covers a variety of verticals such as sports, news, movies, TV, and streaming.
READ MORE: The DOJ Is Investigating Fubo’s Merger With Disney, Raising Concerns
In 2023, the entertainment corporation revealed intentions to restructure, which at the time involved firing 7,000 workers.
Continued layoffs after a successful fiscal quarter
It is currently unknown how many people were laid off in the most recent wave. In less than a year, The Walt Disney Company has laid off employees four times. Disney Entertainment Networks and ABC News Group lay off 200 workers in March.
According to CBS News, the layoff announcement comes after the company’s Q2 sales of $23.6 billion, a 7% rise over the same quarter the previous year.
Legal employment challenges are faced by Disney World employees
At the same time, workers are leaving the company’s theme parks. The Supreme Court decided last month that the Trump administration could revoke 350,000 Venezuelans’ Temporary Protected Status.
According to Straight Arrow News, Disney executives emailed staff members at the company’s Florida resort, Walt Disney World. Workers living in the United States under the TPS program received the notice, which threatened to put them on leave unless they produced new documentation demonstrating their continued legal right to work in the country.
Step into the ultimate entertainment experience with Radii+ ! Movies, TV series, exclusive interviews, live events, music, and more—stream anytime, anywhere. Download now on various devices including iPhone, Android, smart TVs, Apple TV, Fire Stick, and more!
