Disney (DIS.US) is cutting approximately 200 jobs at ABC and its entertainment television network.
1min read According to an internal memo, the walt disney company (DIS.US) will lay off about 200 people from its ABC and entertainment television networks. The layoffs mainly affect the ABC News and disney Entertainment Networks departments in New York. The memo said that production departments including ABC News Studio, 20/20 and Nightline will be consolidated, and affected employees will be notified on Wednesday.
The memo stated: "ABC News Group and Disney Entertainment Networks are constantly evaluating new ways to manage resources effectively and improve efficiency." Status newsletter and The Wall Street Journal earlier reported the news.
Disney's recent announced layoff plan mainly involves ABC News Group and Disney Entertainment Networks departments, accounting for nearly 6% of the relevant business employees. The layoff is part of a larger layoff plan since 2023, aimed at reducing operating costs by reducing the number of employees to cope with current economic challenges and industry changes.
Disney has laid off more than 8,000 people since 2023 to cut costs of $7.5 billion annually. In its recent earnings report, Disney's broadcasting and cable television business revenue and profit both declined due to rising production costs and a decrease in subscribers of entertainment channels.