Unpleasant news this week comes from Walt Disney Co., which has begun a new round of layoffs – this time affecting employees across its film and television divisions, including marketing, publicity, casting, development, and corporate finance departments, Bloomberg News reports.
The announcement underscores that tough times in Hollywood are far from over, as the industry continues to adapt to long-standing cost pressures and declining production levels, the company confirmed.
Back in February 2023, Disney announced a major restructuring plan that included the elimination of 7,000 jobs in an effort to reduce costs by $5.5 billion—a target that was later increased to $7.5 billion. Other major entertainment companies have also carried out similar mass layoffs.
This latest round of job cuts follows the layoff of around 200 employees in March across Disney’s ABC network and other entertainment divisions. In total, the company has cut more than 8,000 jobs in recent years in a bid to improve profitability.
According to Disney’s latest fiscal report (September 2024), the company employed approximately 233,000 people, with 76% being full-time employees.
As the industry continues to adjust to the new reality of tighter budgets, the question remains: Is this the end of the layoffs – or just the next chapter?
