Disney has initiated its third round of layoffs in 2024, eliminating approximately 300 positions across human resources and technology departments, according to a person familiar with the matter. The cuts follow earlier reductions in April (up to 1,000 roles) and July (several hundred roles), as the company continues restructuring under CEO Josh D’Amaro, who took over in March from longtime leader Bob Iger. A company spokesperson declined to comment on the specifics of the layoffs.
The latest cuts were first reported by Deadline and confirmed by Business Insider and CNBC, which noted that the majority of affected roles are within corporate functions. The person familiar with the decision, who spoke on condition of anonymity, stated that the reductions are part of a broader cost-cutting initiative outlined in Disney’s August earnings report. In that report, the company stated it was "evaluating a variety of levers, including reductions in labor and SG&A" to "create incremental capacity to invest for growth."
Disney’s workforce totals over 200,000 employees, and the company has not disclosed the total number of positions eliminated this year. However, the April layoffs targeted roles in Disney’s enterprise marketing division, while the July cuts disproportionately impacted Pixar and National Geographic, according to media reports. The company has also offered early-retirement buyout packages to longtime executives in recent months.
Employees laid off in the latest round will receive severance based on tenure and rank, with non-managers employed for less than five years receiving four weeks of pay, and those with more than five years of service receiving one week of pay per year of tenure, up to 52 weeks.
Disney’s restructuring aligns with a broader strategy dubbed "One Disney", introduced by D’Amaro to better integrate the company’s divisions, including film, streaming, theme parks, consumer goods, gaming, and sports. The goal is to create a "seamless flywheel" that leverages Disney’s intellectual property across its businesses. Analysts note that legacy media companies like Disney are facing pressure as streaming and digital entertainment increasingly dominate consumer preferences over traditional media formats.
The company has not provided a timeline for additional layoffs but indicated in its earnings report that it is "mid-stream in this work" and will share updates as the process continues.