Disney to cut staff at ABC TV Group by as many as 200 people

Walt Disney Co.’s DIS, -1.64%  ABC TV Group will lay off as many as 200 employees, according to sources at the media and entertainment company.

The division, tasked with looking at areas to trim roughly 10% of its annual costs, will part ways with somewhere between 100-200 employees. Sources say the largest cuts will come from non-content and operational functions.

The layoffs will impact all of the division’s teams: ABC Entertainment, ABC Studios, Disney Channel, Disney XD, Disney Junior and Freeform.

Rumors of the layoffs were reported back in August by The Wall Street Journal. Originally the cuts were expected to impact as many as 300 employees. The Disney/ABC TV Group employs around 10,000 people.

Sources say Disney/ABC TV Group is shifting its resources to address the company’s future business needs, something all of Disney’s divisions are tasked with keeping a close eye on.

Disney shares are down 7% year to date, while the S&P 500 SPX, -0.17%  index is up 14% and the Dow Jones Industrial Average DJIA, -0.14%  is up nearly 16%

Filed in: Top News Tags: 

You might like:

The Wall Street Journal: Google workers mulled manipulating search-engine results in wake of Trump’s travel ban The Wall Street Journal: Google workers mulled manipulating search-engine results in wake of Trump’s travel ban
The Wall Street Journal: South Korea’s finance minister has high hopes for new trade deal with U.S. The Wall Street Journal: South Korea’s finance minister has high hopes for new trade deal with U.S.
Market Extra: Far-right candidate leads Brazil’s polls as investors worry about reforms, ailing real Market Extra: Far-right candidate leads Brazil’s polls as investors worry about reforms, ailing real
The Wall Street Journal: Comcast, Fox’s battle for Sky to be decided at auction this weekend The Wall Street Journal: Comcast, Fox’s battle for Sky to be decided at auction this weekend
The Wall Street Journal: Michael Cohen has reportedly talked about Trump to Mueller investigators The Wall Street Journal: Michael Cohen has reportedly talked about Trump to Mueller investigators
The Wall Street Journal: Number of teens who vape has jumped 75% this year, new study finds The Wall Street Journal: Number of teens who vape has jumped 75% this year, new study finds
GOP congressman questions Tilray medical-cannabis imports to U.S. GOP congressman questions Tilray medical-cannabis imports to U.S.
Dow, S&P 500 records belie festering fear that China and the U.S. ‘are on a collision course’ Dow, S&P 500 records belie festering fear that China and the U.S. ‘are on a collision course’

Leave a Reply

Submit Comment
© 8548 Stock Investors News. All rights reserved. XHTML / CSS Valid.