Disney plans layoffs under new CEO D’Amaro- WSJ

Disney (NYSE:DIS) is planning to lay off as many as 1,000 positions in the coming weeks as part of an overhaul under new CEO Josh D’Amaro, the Wall Street Journal reported on Wednesday.

Many of the cuts will be in the company’s shrinking marketing department, the WSJ reported, citing people familiar with the matter.

The layoffs come as Disney grapples with weaker profits from its streaming services, as well as softer box office returns and increased competition in streaming.

The company has laid off over 8,000 people since 2022, when Bob Iger returned as CEO and undertook a major restructuring.

Plans for the latest round of layoffs had commenced even before D’Amaro was appointed as CEO earlier this year.