Disney fires employees due to budget cuts
(MENAFN) Reports indicate that the American entertainment giant, The Walt Disney Company, is laying off hundreds of workers across its global operations. The move comes as the company seeks to reduce expenses and adjust to changes within the media landscape.
While the precise figure of affected employees has not been disclosed, the reductions will impact multiple areas including television and film marketing, TV publicity, casting and development, and corporate financial activities. However, as stated by reports, “No entire teams will be eliminated,” officials confirmed on Tuesday.
In the previous month, Disney reported strong financial performance in the second quarter, benefiting from the success of its domestic theme parks and a surge in streaming service subscriptions, which grew by over a million. The company also increased its profit outlook for the year, according to sources.
Additionally, Disney has enjoyed considerable success at the box office, with recent releases like “Thunderbolts” and “Lilo & Stitch.” The latter has achieved significant domestic earnings, reaching 280.1 million U.S. dollars and securing its place as the second-highest grossing film of the year.
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