Disney lays off hundreds of employees across branches to cut costs

In its largest layoff in the last ten months, Walt Disney has sent hundreds of employees home across the world in the film, television, marketing, finance, publicity and casting departments. While no teams have been removed, this layoff has impacted many Disney television operations. Many staff members are reportedly from Los Angeles, USA.

This is not the first time Disney is laying off a significant number of its employees from its payroll. In March this year, nearly 200 Disney employees were laid off. In October last year, as a result of a major restructuring at the company where ABC Signature was shut down and moved into 20th Television and the consolidation of ABC and Hulu Originals scripted drama and comedy teams resulted in 30 Disney Television being laid off. Another layoff in July last year affected 140 people where 60 of them were from National Geographic.

This the fourth layoff from the company and the move comes after Disney's Q2 earnings were published in May this year. The company is currently reshaping its business strategies in response to the migration of cable TV audiences to streaming platforms. Moreover, Disney CEO Bob Iger wanted to reduce costs of at least $7.5 million at the beginning of last year. Following the earnings report, Iger revealed his plans of creating new jobs, largely in Disney experiences, including theme parks.