Disney to cut thousands of jobs, to trim workforce by 15%

Disney is set to eliminate thousands of jobs by next week. As per Bloomberg, about 15% of the Disney staff to be let go will be from the company's enteratinment division. Apart from this, the cut will be seen across TV, film, theme parks and corporate positions.

The entertainment division was created during the restructuring this year. This division included the company’s movie and TV production and distribution businesses, including streaming. Every region where Disney operates will be affected by this layoff. The workers who would be laid off will be notified as early as 24th April.

Disney in February announced its plan to eliminate 7,000 workers as a part of a cost-cutting effort. The company is aiming to reduce the cost by $5.5 billion annually.

As per Bloomberg, every major media company, including Comcast Corp.’s NBCUniversal, Warner Bros. Discovery Inc. and Paramount Global, is trimming its headcount as Wall Street’s attention shifts from subscriber growth in streaming to the high cost of operating online video platforms.