Walt Disney to cut jobs in television unit, Bloomberg News reports

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July 31, 2024 3:21 PM EDT

FILE PHOTO: A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File Photo

(Reuters) - Walt Disney plans to eliminate some jobs in its TV unit to cut costs in an eroding business, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The Mouse House will cut about 140 positions, around 2% of staff at Disney Entertainment Television and about 13% of jobs at NatGeo, which is among the worst hit units, the report added.

The company's shares were up about 1% in afternoon trading.

Walt Disney, which is set to report quarterly results next week, did not immediately respond to a Reuters request for comment.

Under CEO Bob Iger, who was brought back in 2022 to turn the company around, Disney has cut over 7,000 jobs and trimmed costs to invest in the highly competitive streaming business as consumers transition away from cable networks.

(Reporting by Akash Sriram in Bengaluru; editing by Alan Barona)


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