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Walt Disney Co (NYSE:DIS) plans another round of job cuts in its TV division, targeting a shrinking segment of its business.
The company will eliminate about 140 positions, representing roughly 2% of staff at Disney Entertainment Television, Bloomberg reports.
These cuts will significantly affect networks like NatGeo and Freeform, reducing their programming. ABC stations will also see job reductions as part of this cost-saving effort.
Disney is striving to balance the need for streaming investments against the rapid decline of its profitable cable networks.
NatGeo will see about 13% of its staff cut, focusing its remaining efforts on a few shows like Genius: MLK/X.
Freeform, targeting a teen audience with shows like Grown-ish, has seen its viewership shift to streaming, prompting further cuts. Disney is also cutting jobs in its marketing and publicity teams, Bloomberg writes.
The company’s entertainment TV networks contributed about 12% of total revenue in the last reported quarter, excluding sports operations like ESPN.
Disney got a boost from the collections of Ryan Reynolds and Hugh Jackman starrer “Deadpool & Wolverine,” reaching a record for an R-rated film. The movie earned $205 million in ticket sales in the U.S. and Canada this weekend, marking the year’s largest domestic debut, Bloomberg reports.
According to Statista, Amazon.Com Inc. (NASDAQ:AMZN) Prime Video and Netflix Inc. (NASDAQ:NFLX) dominated the U.S. subscription video-on-demand (SVOD) market in the second quarter of 2024, each securing a 22% share.
Investors can gain exposure to Disney through iShares Russell 1000 Value ETF (NYSE:IWD) and iShares S&P 500 Value ETF (NYSE:IVE).
Price Actions: DIS shares traded higher by 0.11% at $93.79 premarket at the last check on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
