Disney Offers Early Retirement Buyouts Amid Ongoing Layoffs

Walt Disney Co. is offering early retirement buyouts to certain executives as part of its cost-cutting efforts, according to an internal memo obtained by the Southern California News Group.

The 'Voluntary Early Retirement Opportunity' program is a time-limited company-sponsored initiative that provides eligible executives with a sweetened retirement package of pay and benefits in recognition of their service and contributions.

The move comes amid ongoing layoffs, with 1,000 roles eliminated in April and hundreds more cut in July. Disney CEO Josh D'Amaro and CFO Hugh Johnston told investors earlier this month that further cost-cutting measures are likely to follow.

In its third fiscal quarter, which ended June 27, Disney reported a net income of $2.64 billion, down 49.8% from the same period last year, on revenue of $25.25 billion, a 7% increase over the previous year.