EXCLUSIVE: News of more job cuts has come in the wake of an already dreary week. Disney is in the midst of a new round of job cuts as part of a “cost-cutting initiative,” sources tell Deadline. The cuts, which began yesterday and will continue today and tomorrow and may drag on for longer, affect what we’re told is around 300 employees.
From what we’ve been told, all of these positions will be US-based and will span across Disney’s corporate operations, including legal, human resources, finance, communications, etc. Divisions not affected by this round include Disney Parks, ESPN, and Disney Entertainment.
“We are continually evaluating how we invest in our business and how to more effectively manage resources and costs to drive the cutting-edge creativity and innovation that consumers value and expect from Disney,” a Disney spokesperson said in a statement to Deadline. “As part of this ongoing optimization work, we reviewed the cost structure of our corporate-level functions and determined that there are ways we can operate more efficiently.”
Today’s cuts follow a series of layoffs implemented by Disney Entertainment Television on July 31, when about 140 employees were fired, roughly 2% of DET’s total workforce. Disney’s animation studio, Pixar, also cut 14% of its workforce in May.
The Disney layoffs began yesterday, the same day Paramount Global fired hundreds of employees in a second wave of layoffs aimed at reducing its U.S. workforce by 15%, with Paramount+ bearing the brunt of the cuts.
As pay TV continues to decline sharply and ad dollars shift to digital platforms, traditional media companies are struggling in a weakened advertising market, despite a surge in spending on political ads and live sports, and are cutting streaming costs as they shift their focus to platform profitability.
In addition to the multiple cuts by Disney and Paramount, Fox Entertainment cut about 30 jobs in a July restructuring, and Warner Bros. Discovery also made layoffs.
