Walt Disney Co is laying off workers at the corporate level as part of a continuing effort to improve the profitability of the business.
“As part of this ongoing optimisation work, we have been reviewing the cost structure for our corporate-level functions and have determined there are ways for them to operate more efficiently,” the company said on Wednesday in an emailed statement.
The website Deadline reported that about 300 jobs in legal, human resources, finance and communications were impacted. Divisions including ESPN and theme parks weren’t involved in this round.
Disney embarked on cost-cutting last year that ultimately involved 8,000 positions. The company, like rivals Paramount Global and Warner Bros Discovery Inc, has been struggling with a decline in traditional TV viewing in favour of a new generation of streaming services.
Earlier in May 2024, Disney-owned animation studio Pixar reduced its staff by 14%, or 175 employees, while the famed unit was experiencing a box office slump (in part due to the company’s controversial decision to send multiple pandemic-era titles directly to streaming even after movie theatres began to reopen).
