Disney is implementing significant job cuts, particularly within its television division, as the company grapples with declining viewership, box office failures, and losses from its streaming service, Disney+.
“Eventually, the company said approximately 175 employees, or 14 percent, would be getting layoff notices on May 21 as it scales back the development of original streaming series,” one report noted.
“This followed a previous announcement that Disney would be slicing $5.5 billion in the coming year, along with thousands of layoffs. However, Iger said there were no further plans to cut jobs at that time,” the report added.
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The cuts will affect around 140 positions, primarily at NatGeo and Freeform, and are part of CEO Bob Iger’s broader strategy to reduce costs by $7.5 billion annually, which has already resulted in over 8,000 job reductions since his return in 2022.
“I’ve always felt that quantity can be actually a negative when it comes to quality,” Iger said. “That’s exactly what happened. We lost some focus.”
The company is also facing challenges in its theme parks due to rising prices and increased competition.
Additionally, layoffs are expected at Pixar, where staffing could decrease by up to 20%.
Disney plans to focus on producing less content with an emphasis on quality to address these issues.
