Disney prepares massive layoffs and cost cuts to boost profits
Disney is preparing to cut thousands of jobs and save up to 20% of annual costs, according to Bloomberg. The company, which employs 231,000 people worldwide, aims to reinvest savings in new content and technology as traditional television revenue declines.
Disney is preparing to cut thousands of jobs, according to Bloomberg. Executives are tasked with saving up to 20% of annual costs. The company employs 231,000 people worldwide. The CEO promised double-digit growth in adjusted earnings for the current quarter, noting that traditional television is generating less revenue. Savings will be reinvested in new films, series, technology, cruise ships, and theme parks.
This move follows recent layoffs at competitors Netflix, Paramount, and Warner Brothers. The restructuring reflects the industry's shift away from traditional broadcast models and the need for cost efficiency in the streaming era. The company is seeking to boost profits by reducing overhead while maintaining investment in its core entertainment assets.