Hundreds of Disney employees were terminated from the company after another round of layoffs at the company on Monday.
It’s the fourth and largest round of Disney layoffs in the past year and this time targets the company’s television operations. Company higher-ups confirmed the layoffs to Deadline but the exact number of employees to be impacted has not yet been announced.
The cuts impact corporate financial operations, film, television, marketing, television publicity, casting and development departments. No teams are being eliminated, the outlet reported, and most of the impacted staffers are based in Los Angeles.
Three months ago, Disney terminated 200 workers, including staffers at ABC News in New York and Disney-owned entertainment networks. In that round of layoffs, which officials said were due to shrinking TV ratings and revenue, staff was reduced by six percent.
In October, ABC News cut about 40 employees. That same month, the company underwent a restructuring that saw ABC Signature, a production arm of ABC, fold into 20th Television. Teams working on ABC and Hulu Originals scripted comedies and dramas were consolidated, resulting in 30 more layoffs.
Other Disney TV stations also lost staffers. The push to cut costs is partly due to the rise of streaming platforms as consumers ditch traditional TV for streaming services, including Netflix, Paramount+ and Disney+.
In 2023, Disney CEO Bob Iger set a goal of reducing operating costs by $7.5bn. That year, the company eliminated 7,000 jobs.
The Independent has contacted Disney for comment. Disney stock traded lower Monday but was slightly up in the after-hours market. The company reported better-than-expected earnings in its Q2 report last month. The increased revenue was driven by direct-to-consumer operating profit increasing by $289m to $336m.
While speaking at the company’s annual shareholder meeting, Iger emphasized plans to create new jobs predominantly in experience sectors and theme parks.
