Walt Disney plans to eliminate some jobs in its TV unit to cut costs in an eroding business, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The Mouse House will cut about 140 positions, around 2 per cent of staff at Disney Entertainment Television and about 13 per cent of jobs at NatGeo, which is among the worst hit units, the report added.
The company's shares were up about 1 per cent in afternoon trading.
Walt Disney, which is set to report quarterly results next week, did not immediately respond to a Reuters request for comment.
Under CEO Bob Iger, who was brought back in 2022 to turn the company around, Disney has cut over 7,000 jobs and trimmed costs to invest in the highly competitive streaming business as consumers transition away from cable networks.
Published 01 August 2024, 02:34 IST