Hundreds of Layoffs Expected to Begin Tomorrow at ABC News and Disney Entertainment
Up to 6% of employees are said to be affected by the team reductions.
Hundreds of employees are set to be laid off across ABC News and Disney Entertainment Networks. Announcements to employees could begin as soon as tomorrow.
What’s Happening:
- According to the Washington Square Journal, The Walt Disney Company is set to lay off around 200 employees.
- Happening mainly at ABC News Group and Disney Entertainment Networks, the layoffs equate to around 6% of staff at the two branches.
- People with knowledge of the cuts expect announcements to begin tomorrow, Wednesday, March 5th.
- These layoffs are a continued trend at The Walt Disney Company, as they have heavily reduced staff numbers over the past few years.
- A major contributor to these layoffs comes from reduced profits from linear programming. As audiences begin to stray away from cable packages and lean into streaming services, ratings and revenue have taken a nosedive for major studios.
- As media companies have begun altering their business models in response, layoffs have become a norm throughout the industry.
- For ABC News, 20/20 and Nightline are combining into one team, resulting in job cuts. The network is also shutting down its political news site 538, which has around 15 employees.
- Good Morning America branded shows will also be under one team rather than the two it has right now.
- At Disney Entertainment Networks, cuts are being made to program planning and scheduling.
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