April 9 (UPI) — Disney plans to lay off up to 1,000 employees and cut their positions, focusing largely on its marketing department.
The Wall Street Journal first reported Thursday, with CNBC and Variety also reporting that the mass layoffs will occur in the coming weeks. It is the first big move by the media giant under the leadership of new CEO Josh D’Amaro, who took the reins in March.
Disney’s marketing department was consolidated earlier this year under Asad Ayaz, its new chief marketing and brand officer. Ayaz, who was named to the role in January, oversees marketing for all of Disney.
Former CEO Bob Iger was still at the helm when Disney restructured its marketing department, bringing marketing for all its divisions together for the first time in the company’s history.
The last time Disney conducted mass layoffs was in 2023 when it cut about 7,000 employees.
Disney employs about 231,000 people, either full-time or part-time. About 172,000 of its employees are based in the United States.
Disney’s stock climbed to $99.18 per share on Wednesday, nearly a $3 increase over Tuesday. It is up about 3% over a week ago, though it slid down by about 0.25% for the day on Thursday morning.
