Entertainment business had a tough day, these two big companies announced layoffs to cut expenses
News of layoffs is coming out in Walt Disney. The decision has been taken at the corporate level as part of the ongoing strategy to increase the company’s profitability. According to media reports, Disney is resorting to layoffs as part of efforts to streamline operations and improve financial performance amid the challenging market environment.
According to a Bloomberg report, the company issued an emailed statement on Wednesday, saying, “As part of the optimization work, we are reviewing the cost structure for our corporate level functions and this has been done in order to operate more efficiently in this direction.
According to the Deadline website, about 300 jobs have been affected in the legal, human resources, finance and communications departments. Also, departments like ESPN and theme parks were not included in this latest round of layoffs.
Disney started cost-cutting measures last year, after which about 8,000 people lost their jobs. Like its rivals Paramount Global and Warner Bros. Discovery, the company has faced challenges due to the decline in the number of traditional television viewers. Viewers are increasingly turning to streaming services.
