Disney Cuts 300 Jobs in Latest Restructuring Effort

Disney is cutting 300 more jobs under CEO Josh D’Amaro, marking the fourth restructuring effort since he took over in January. This latest round primarily targets technology and human resources roles, with entertainment television and motion pictures largely unaffected. The cuts follow earlier layoffs, including 1,000 jobs in April and additional reductions at Pixar and National Geographic. Disney aims to reduce costs and invest in growth, as stated in an August shareholder letter.

Horacio Gutierrez, Disney’s chief legal and global affairs officer, hinted at these changes in a September memo, mentioning a transformation process involving automation. Despite these layoffs, Disney has not yet filed a Worker Adjustment and Retraining Notification with California’s Employment Development Department as of September 30.

D’Amaro’s “One Disney” vision focuses on integrating the company’s assets and leveraging technology. Recent collaborations with OpenAI Group and NVIDIA, along with the appointment of Karandeep Anand as chief technology officer, highlight this shift. Though Disney pulled out of the OpenAI deal after the shutdown of the Sora video tool, it continues to push forward in tech.

Analysts view the layoffs as part of Disney’s effort to streamline operations amid competition and technological disruption. The company’s stock has recovered somewhat, closing at $104.90 on September 30, down from its pandemic peak of $201.90. Disney reported $25.2 billion in third-quarter revenue, a 7% increase, driven by growth in experiences and entertainment subscriptions.