Wrap Disney Co. By providing several hundreds of employees through its film companies and television, which are discounts that confirm the contraction of the entertainment industry that has not yet ended.
Employees’ discounts started on Monday and a retreat from employees in marketing, advertising, photography and development, as well as the financial operations of companies, according to the company.
Hollywood has been in a cost reduction mode for several years, with production and employment in a downward cycle. The studios have reduced the number of films they make to enhance profitability, especially with the theatrical presence that is still less than prenatal levels. Meanwhile, consumers cancel cable television subscriptions to broadcasting services, a shift in advertising and distribution revenues for traditional channel operators.
The changes lead to a huge reorganization of the work. Pom CORP plans to rotate most of the Capital TV channels, including MSNBC, the United States of America and CNBC, by the end of this year. Discovery Warner Bruce Inc. An internal restructuring of its studio works and its cable TV processes, which may facilitate the withdrawal of the last section. More discounts are expected in Paramount Global While continuing the merger with Media Media Skydance Media.
Disney, based in Borbank, California, has evaluated her TV networks including ABC, but eventually decided to maintain assets. The company announced the reducing in February 2023, which canceled 7,000 jobs in an attemptReduceBy $ 5.5 billion. Disney later increased this goal to $ 7.5 billion. The competitors also demobilized thousands of workers.
The latest discounts follow nearly 200 jobs reduction via Disney networks and entertainment television networks in March. In general, the company has canceled more than 8,000 jobs in recent years as it seeks to improve profitability.
The demobilization of workers was reported on Monday for the first time on the deadline for the entertainment industry. Disney had about 233,000 employees at the end of the last fiscal year in September, including 76 % full -time.
Disney shares did not change $ 112.92 at 3:31 pm in New York.
This story was originally shown on Fortune.com
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