BREAKING: The Walt Disney Company Plans to Lay Off 200 Employees

Unfortunately, layoffs are set to hit across Disney’s entertainment networks.

©ABC

The Wall Street Journal reported that Disney is planning to cut nearly 6% of their staff across ABC News and other Disney entertainment networks. The layoffs can start as early as today, Wednesday, March 5th.

According to the Wall Street Journal, “about 200 employees are being let go at Disney’s ABC News Group and Disney’s Entertainment Networks unit.” This is sadly just one of the latest of several workforce reductions that Disney has made over the last few years. Many entertainment companies, like Disney, are “looking for ways to save on what used to be core businesses as it spends more on sports and entertainment content to compete in the streaming marketplace.”

The Walt Disney Company

Many consumers are ditching their cable packages and instead moving towards streaming services. Due to this, ABC News shows like “Nightline” and “20/20” are being “consolidated into one unit,” which means job cuts. In addition to making production teams smaller, ABC is eliminating its “political and data-driven news site 538,” which was run with about 15 employees. “Good Morning America” will be consolidated under one person, as before the third hour of the show had a separate production team.