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Disney Announces Plans to Eliminate Up to 1,000 Jobs
(MENAFN) Walt Disney Company is set to slash up to 1,000 jobs in the coming weeks, as the entertainment and media colossus undertakes one of its first sweeping workforce reductions under newly installed chief executive Josh D'Amaro, The Wall Street Journal reported Wednesday, citing people familiar with the matter.
The bulk of the anticipated cuts will fall on Disney's recently consolidated marketing division, according to the report, marking a significant early signal of the structural direction D'Amaro intends to pursue at the helm of the world's largest entertainment company.
The move reflects broader pressures battering Hollywood's legacy studios. Like its peers, Disney has been grappling with the stark revenue gap between streaming platforms and traditional linear television, compounded by softening box office performance and mounting competition from deep-pocketed technology firms encroaching on the entertainment landscape.
The company is also working to redirect capital toward digital ventures it has identified as long-term growth engines, the report noted.
The latest round of reductions follows a sweeping restructuring campaign that has seen Disney cut more than 8,000 positions since former CEO Bob Iger returned to lead the company in 2022. Groundwork for the forthcoming layoffs was laid before D'Amaro assumed the top role, according to individuals with knowledge of the plans cited by The Wall Street Journal.
D'Amaro, 54, officially assumed the CEO position at The Walt Disney Company on March 18, succeeding Iger after nearly three decades with the company. He previously served as chairman of Disney's experiences segment since 2020 and, before that, as president of Walt Disney World Resort.
Though D'Amaro has yet to unveil a formal strategic blueprint since taking over last month, people close to the company told The Wall Street Journal that fostering faster and more efficient collaboration across Disney's various divisions ranks among his foremost priorities.
The bulk of the anticipated cuts will fall on Disney's recently consolidated marketing division, according to the report, marking a significant early signal of the structural direction D'Amaro intends to pursue at the helm of the world's largest entertainment company.
The move reflects broader pressures battering Hollywood's legacy studios. Like its peers, Disney has been grappling with the stark revenue gap between streaming platforms and traditional linear television, compounded by softening box office performance and mounting competition from deep-pocketed technology firms encroaching on the entertainment landscape.
The company is also working to redirect capital toward digital ventures it has identified as long-term growth engines, the report noted.
The latest round of reductions follows a sweeping restructuring campaign that has seen Disney cut more than 8,000 positions since former CEO Bob Iger returned to lead the company in 2022. Groundwork for the forthcoming layoffs was laid before D'Amaro assumed the top role, according to individuals with knowledge of the plans cited by The Wall Street Journal.
D'Amaro, 54, officially assumed the CEO position at The Walt Disney Company on March 18, succeeding Iger after nearly three decades with the company. He previously served as chairman of Disney's experiences segment since 2020 and, before that, as president of Walt Disney World Resort.
Though D'Amaro has yet to unveil a formal strategic blueprint since taking over last month, people close to the company told The Wall Street Journal that fostering faster and more efficient collaboration across Disney's various divisions ranks among his foremost priorities.
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