Disney Offers Early Retirement Buyouts Amid Ongoing Layoffs

Walt Disney Co. has announced an early retirement buyout package for certain executives as part of its ongoing cost-cutting measures.

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

The move comes amid ongoing layoffs at Disney, with 1,000 roles eliminated in April and hundreds more cut in July. Chief Executive Officer Josh D'Amaro and Chief Financial Officer Hugh Johnston have stated that further reductions are likely.

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