Advertising Age republished a Bloomberg News report indicating Walt Disney Co. is cutting hundreds of employees from its film and TV divisions.
So, it’s the last time hundreds will be singing, “Heigh-ho, heigh-ho, it’s home from work we go…”
Disney lays off hundreds in film, TV as industry woes linger
Walt Disney Co. is laying off several hundred employees across its film and TV businesses, cuts that underscore the tough times in Hollywood are far from over.
The staff reductions began Monday and are falling on employees in marketing, publicity, casting and development, along with corporate financial operations, according to the company.
Hollywood has been in a cost-cutting mode for years, with production and employment in a downward spiral. Disney, based in Burbank, California, announced a retrenchment in February 2023, eliminating 7,000 jobs in a bid to cut expenses by $5.5 billion. The company later increased that target to $7.5 billion. Competitors have also laid off thousands of workers.
Disney’s latest reductions follow roughly 200 job cuts across Disney’s ABC and entertainment TV networks in March. In all, the company has eliminated more than 8,000 positions in recent years as it seeks to improve profitability.
Monday’s layoffs were first reported by the entertainment industry publication Deadline. Disney had about 233,000 employees at the end of its last fiscal year in September, including 76% full-time.
Shares of Disney were down less than 1% to $112.59 at 1:11 p.m. in New York.
—Bloomberg News
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