Disney and Paramount Global announces layoffs to cut expenses

New Delhi| 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 profitability of the company. According to media reports, Disney is resorting to layoffs in an effort to streamline operations and improve financial performance amid a challenging market environment. “As a part of the optimization work, we are reviewing the cost structure for our corporate-level functions and it has been done that operations can be conducted more efficiently in this direction”, the company issued a statement via email Wednesday, according to a Bloomberg report

According to the Deadline website, about 300 legal, human resources, finance and communications department jobs have been affected. At the same time, departments like ESPN and Theme Parks have not been involved in this latest round of layoffs. Nearly 8,000 people lost their jobs after Disney introduced spending-cutting measures last year. Like its rivals Paramount Global and Warner Bros. Discovery, the company has faced challenges due to declining traditional television viewership. Viewers are increasingly turning to streaming services.

Paramount Global, on the other hand, also announced that the entertainment firm plans to lay off several employees in challenging times. The decision would affect several divisions of its portfolio, including major networks such as CBS, Comedy Central, and MTV.

In a memo sent to employees, Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins said these measures are necessary to ensure the company’s long-term success. “We are taking these steps to prepare Paramount for continued success”, the company wrote in the memo.