Disney Layoffs: Heavy day for entertainment business, these two big companies announced layoffs to cut expenses
News of layoffs is coming out at Walt Disney. The decision has been taken at the corporate level as part of the ongoing strategy to increase the profitability of the company. According to media reports, Disney is resorting to layoffs in an effort to streamline operations and improve financial performance amid a challenging market environment.
According to a Bloomberg report, the company issued a statement via email, saying, “As part of the optimization work, we are reviewing the cost structure for our corporate level functions and this is what we have done.” Direction can be operated more efficiently.”
According to the Deadline website, approximately 300 legal, human resources, finance and communications department jobs are affected. Additionally, departments like ESPN and theme parks were not included in this latest round of layoffs.
Disney initiated cost-cutting measures last year, after which about 8,000 people lost their jobs. Like its rivals Paramount Global and Warner Bros. Discovery, the company has faced challenges due to declining traditional television viewership. Viewers are increasingly turning to streaming services.
On the other hand, Paramount Global also announced on Tuesday that the entertainment firm is planning to lay off several employees in these challenging times. The decision will affect several divisions of its portfolio, including major networks such as CBS, Comedy Central and MTV.
In a memo sent to employees, Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins said the measures were necessary to ensure the company’s long-term success. “We are taking these steps to position Paramount for continued success,” the company wrote in the memo, Variety reports.
