## Disney Implements Further Layoffs Amid Industry Transformation

Walt Disney Co. is undergoing another round of layoffs as part of its ongoing efforts to cut costs, CBS News confirmed. The entertainment giant is reducing its workforce to streamline operations and foster creativity and innovation that consumers expect from the company.

According to a statement from a Disney spokesperson on Monday, the layoffs will affect a limited number of positions across several units, including film and television marketing; TV publicity; casting and development; and corporate financial operations. Disney has not provided an exact figure for the number of employees impacted. The spokesperson emphasized that the company is taking a careful approach to minimize the number of affected employees.

This latest wave of layoffs follows previous cuts earlier in the year. In March, Disney laid off 200 employees across ABC and its entertainment TV networks. A more substantial reduction occurred in April 2023, when the company eliminated 7,000 positions, a move CEO Bob Iger described as part of a "significant transformation."

Disney's portfolio spans numerous high-profile entities such as ESPN, ABC Entertainment, ABC News, Marvel, Disney+, and Hulu. Despite these cutbacks, the company's Q2 revenue saw a 7% increase from the same period the previous year, amounting to $23.6 billion. Nevertheless, Disney shares dipped by 0.4% on Monday following the announcement of the layoffs.

In light of the recent earnings report, Iger expressed optimism about the company's future, stating that Disney remains positive about its direction and the outlook for the rest of the fiscal year.