The Walt Disney Co. announced Monday that it will cut hundreds of jobs in the United States and abroad in television, film and corporate finance as audiences shift from traditional TV to streaming. Monday's announcement comes despite better-than-expected earnings for the second quarter, fueled by Disney experiences, including theme parks. File Photo by John Angelillo/UPI | License Photo
June 2 (UPI) -- Hundreds of Walt Disney Co., employees, in television, film and corporate financial operations, were notified Monday that their jobs are being cut amid declining TV ratings and revenue. It is the fourth round of layoffs for Disney in a year.
While Disney did not confirm the exact number of workers affected, it is the most recent round of layoffs since Disney cut 200 jobs across ABC and its television networks in March. Disney has eliminated more than 7,000 jobs since 2023, when chief executive officer Bob Iger revealed his goal to trim $7.5 billion in costs.
"As our industry transforms at a rapid pace, we continue to evaluate ways to efficiently manage our businesses while fueling the state-of-the-art creativity and innovation that consumers value and expect from Disney," a company spokesperson told CBS News on Monday. "As part of this ongoing work, we have identified opportunities to operate more efficiently and are eliminating a limited number of positions today."
