Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter said on Monday.
The layoffs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said.
Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7,000 jobs as part of an effort to save $5.5 billion in costs.
Disney also laid off nearly 6 per cent, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March.
The company's most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks.
Disney shares, which have risen 21 per cent since the earnings report, were down 0.3 per cent at $112.62 on Monday afternoon.
Italian fashion great Valentino dies at 93
TikTok to tighten age checks in Europe as regulators ramp up pressure
UAE National Orchestra holds debut concert
Filoni named president of 'Star Wars' studio Lucasfilm as Kennedy exits
Prince Harry to give evidence in lawsuit against Daily Mail next week
