Disney Cuts Hundreds of TV and Film Jobs Amid Streaming Expansion

Layoffs Target Marketing, Casting, and Finance as Disney Prioritizes Streaming Services

The Walt Disney Company has announced the layoff of several hundred employees across its television, film, and corporate finance divisions. This move is part of Disney's ongoing strategy to streamline operations and focus more heavily on its streaming services, including the expansion of its ESPN platform.

The layoffs primarily affect teams involved in marketing for film and television, TV publicity, casting, development, and corporate financial operations. While entire teams are not being eliminated, the company is making surgical cuts to operate more efficiently.

This decision follows a previous round of layoffs in March, where nearly 6% of the workforce in Disney's ABC News Group and Disney Entertainment Networks was reduced, amounting to approximately 200 employees.

Disney's shift towards streaming comes in response to the declining viewership of traditional television and the increasing competition in the streaming market. The company has been investing in its direct-to-consumer streaming services, such as Disney+ and the newly announced ESPN streaming platform, to adapt to changing consumer behaviors.

Despite the layoffs, Disney's recent earnings report exceeded Wall Street expectations, with significant contributions from its streaming services and theme parks. The company's stock has seen a 21% increase since the earnings report, indicating investor confidence in Disney's strategic direction.