Walt Disney Studios is located in Burbank, California. (Photo by Eric Thayer for Bloomberg)
Walt Disney, one of the world’s biggest entertainment companies, is letting go of several hundred employees from its film, television, and finance departments. According to a source close to the matter, these layoffs are taking place across various global teams.
People working in film and TV marketing, publicity, casting, and development are among those affected. Teams in corporate finance are also facing job cuts. The company has not yet made an official announcement about the layoffs, but insiders confirm the changes are already underway.
This move is part of a broader shift as Disney, like many other media companies, continues to adapt to the rapidly changing entertainment landscape. Traditional cable TV audiences have been steadily declining, with more people now watching content through streaming services. As a result, companies are compelled to reassess their operational strategies.
Disney has been trimming its workforce over the past year to maintain financial stability and invest in its streaming future. In 2023, the company reduced its headcount by about 7,000 jobs to help cut costs by $5.5 billion. Earlier this year, in March, Disney laid off nearly 200 staff members—about 6% of its workforce—within ABC News and Disney Entertainment Networks.
Despite the job cuts, Disney has been seeing some positive signs. In its latest financial report released in May, the company posted better-than-expected results. Disney+—its streaming service—surprised investors with its strong performance. Meanwhile, its theme parks, especially in the U.S., have been doing well and attracting large crowds.
The positive financial results gave a boost to the company’s stock, which has gone up by 21% since the earnings report. However, on Monday, Disney shares saw a slight dip, falling 0.3% to $112.62.
These latest layoffs are another chapter in Disney’s ongoing efforts to adjust to a new digital age. With streaming becoming the main way people watch shows and movies, big media companies are under pressure to make bold decisions to stay ahead.
Disney CEO Bob Iger, who returned to lead the company after stepping down in 2020, has been working to reshape Disney’s media strategy. The goal is to focus more on quality content, strengthen the company’s streaming services, and cut unnecessary expenses.
While these job cuts are painful for the individuals affected, they reflect the tough choices Disney and others must make to survive in today’s competitive media world.
For now, Disney’s future seems focused on building a leaner structure that supports streaming growth while still delivering memorable experiences through its parks, movies, and shows.
