Disney lays off hundreds of employees across film, TV divisions as streaming pivot continues

Walt Disney Company is cutting several hundred jobs across its film, television, and corporate finance divisions, marking another chapter in its ongoing business overhaul, according to a report by Reuters. A source familiar with the decision told Reuters that the latest layoffs span global teams involved in film and TV marketing, casting, publicity, and development.

In 2023, Disney slashed around 7,000 positions in a bid to trim $5.5 billion in costs. Earlier this year in March, the company also cut nearly 6% of staff—around 200 roles—from ABC News and its Entertainment Networks division, as per the report by Reuters.

Despite the job cuts, Disney has had some bright spots. Its May earnings report beat Wall Street expectations, buoyed by stronger-than-expected performance from its Disney+ streaming platform and a solid showing from its theme park division. That positive momentum helped lift Disney shares by 21% since the report, though they dipped slightly on Monday, trading down 0.3% at $112.62, according to the report.

The layoffs underscore the scale of Disney’s transformation efforts as it prioritises streaming growth and looks to stay competitive in a media environment being reshaped by platforms like Netflix, Amazon Prime Video, and YouTube.