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Walt Disney Co.’s (NYSE:DIS) streaming business has seen workforce reduction amid the company’s broader overhaul efforts to boost profitability.
What Happened: Burbank, California-based Disney has eliminated 300 positions in Beijing, China, in its streaming business, the Wall Street Journal reported, citing people familiar with the situation.
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This is part of the 7,000 job cuts previously hinted at by the entertainment giant, the report said. The Journal said earlier this week that the company has shuttered its metaverse business, laying off 50 people employed in the unit.
The layoff in China involved tech employees who were working on features like personalization, search and customer identification for the streaming business, the report. Disney reportedly said in a statement that the recent China job cuts were part of its cost-cutting and global reorganization.
Why It’s Important: Disney has been pushing hard into the streaming business despite the intense competition and the macroeconomic uncertainties that have dragged ad spending.
Apart from the company’s flagship Disney+ streaming service, the company also operates Hulu and ESPN+ as its subsidiaries. The company’s streaming services are not available in mainland China due to the country’s decision not to allow overseas players in a bid to further the cause of domestic players.
The company-wide job cuts were partly in response to calls from activist investors to streamline operations and boost profitability. Several of Disney’s top executives have also been laid off, the Journal said.
This included Marvel Entertainment chairman Issac Perlmutter, who previously pushed for a board seat for activist investor Nelson Peltz.
The restructuring efforts have gained ground after Bob Iger returned as CEO in late November 2022.
Price Action: Disney shares closed Wednesday’s session 2.16% higher at $96.87, according to Benzinga Pro data.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.