Disney is laying off several hundred employees across its global operations, including teams in film and television marketing, publicity, casting and development, and corporate finance, according to people familiar with the matter. The cuts, confirmed Monday, are the latest in a multi-year cost-reduction effort as the company continues to transition from traditional cable and broadcast models to streaming-first distribution.
The layoffs are described as "surgical," with no entire teams being eliminated, and follow several previous rounds of staff reductions. In March, Disney cut just under 200 roles primarily from ABC News and the broader entertainment division. Those cuts consolidated production units across "20/20," "Nightline," and "Good Morning America," and included the closure of FiveThirtyEight, the political data site.
The latest round comes despite strong second-quarter results and a 21% surge in Disney's share price since its May earnings report. The company reported a 13% year-over-year drop in linear network revenue, but an 8% increase in direct-to-consumer revenue, underscoring its pivot toward streaming platforms such as Disney+. The report also included a surprise announcement of a new theme park and resort in Abu Dhabi, Disney's first in the Middle East.
Disney CEO Bob Iger projected earnings per share to rise 16% year-over-year and forecast double-digit operating income growth in the entertainment and sports divisions for fiscal 2025, with 6% to 8% growth expected in the parks and consumer products segment.
The company's restructuring efforts began in earnest in 2023, shortly after Iger returned to the helm. At the time, Disney targeted $7.5 billion in annualized savings, resulting in more than 8,000 job eliminations across corporate, content, and distribution groups.
Since then, layoffs have been ongoing but more targeted. In October 2024, the company laid off 75 staffers from ABC News and local stations. In September, about 300 roles were eliminated from departments such as HR, legal, and finance, and in July, another 140 employees in the television division were let go, mainly from National Geographic, Freeform, and local channels.
As of September 28, 2024, Disney employed approximately 233,000 people globally, up from 225,000 a year earlier. Roughly 171,000 of those employees are based in the U.S.
The latest round of Disney layoffs was first reported by Deadline. Disney shares were down 0.5% to $112.43 in trading Monday.
