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 several years, with production and employment in a downward spiral. Studios have reduced the number of films they release to boost profitability, particularly with theater attendance still below pre-pandemic levels. Consumers, meanwhile, are cancelling cable-TV subscriptions in favor of streaming services, a shift that crimps advertising and distribution revenue for operators of traditional channels.
The 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 little changed $112.92 at 3:31 p.m. in New York.
