Paramount Global on Tuesday revealed plans to lay off several employees due to ongoing challenges.
New Delhi: Walt Disney is taking steps to boost its profitability by announcing layoffs at the corporate level. As part of its ongoing efforts to streamline operations, the company is making tough decisions to navigate a challenging market. Disney, by restructuring aims to improve its financial performance and stay competitive in the ever-evolving entertainment landscape.
Read More: Gold Price Rises In India: Check 22 Carat Rate In Your City On September 26
“As part of this ongoing optimisation work, we have been reviewing the cost structure for our corporate-level functions and have determined there are ways for them to operate more efficiently,” In an emailed statement on Wednesday, the company confirmed the news, as reported by Bloomberg.
Around 300 jobs in departments like legal, human resources, finance and communications have been impacted by the latest layoffs, according to the Deadline website. However, divisions like ESPN and the theme parks were spared this time.
Read More: Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On September 26
Disney started its cost-cutting efforts last year which led to the loss of 8,000 jobs. Similar to competitors Paramount Global and Warner Bros. Discovery, Disney has been grappling with the decline in traditional TV viewership as more people switch to streaming services.
Paramount Global on Tuesday revealed plans to lay off several employees due to ongoing challenges. The decision will affect various divisions, including well-known networks like CBS, Comedy Central, and MTV.
Read More: Edible oil prices up 5-10 per cent, may rise further
In a memo to staff, Paramount’s co-CEOs—George Cheeks, Chris McCarthy, and Brian Robbins—explained that these actions are necessary to secure the company’s future. “In order to set Paramount up for continued success, we are taking these actions, and after today, 90 per cent of these reductions will be complete,” the memo stated, as reported by Variety. Layoffs have unfortunately become a harsh reality across industries worldwide. No matter the sector, employees are facing uncertainty about their futures due to widespread job cuts.
