Disney plans sweeping TV restructuring with hundreds of jobs at risk, WSJ reports
Disney is drawing up a restructuring of its television business that could eliminate hundreds of jobs and consolidate divisions, according to a Wall Street Journal report carried by Reuters.
Walt Disney is drawing up a restructuring of its television business that could result in hundreds of layoffs and the consolidation of divisions, the Wall Street Journal reported on Thursday, citing people familiar with the matter, according to a Reuters report published on Oct 1.
The plan is being led by Disney Entertainment Television Chairman Debra O’Connell and may not be finalised before the end of the year. It would organise the business around streaming customers rather than legacy linear brands, affecting executives running ABC Entertainment, 20th Television, Hulu Originals and Freeform; further reductions are expected at ABC News, per the New York Post.
It is the latest in a series of reorganisations since former parks chief Josh D’Amaro became chief executive in March. Media companies have been cutting costs as cord-cutting shrinks profits from cable and broadcast networks while streaming has yet to make up the difference, Reuters noted.
Disney President and Chief Creative Officer Dana Walden said on Thursday that the company was taking divisions run separately and “centralizing as a television business, not a bunch of silos”, speaking at a Bloomberg conference in Los Angeles.
The restructuring follows a fresh round of cuts on Tuesday, when Disney laid off more than 300 employees, mainly in human resources and information technology. Disney did not immediately respond to a Reuters request for comment.
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