Disney to cut staff at ABC TV Group by as many as 200 people - MarketWatch

http://www.marketwatch.com/story/disney-to-cut-staff-at-abc-tv-group-by-as-many-as-200-people-2017-10-12

This article was originally published on this site

Walt Disney Co.’s DIS, -1.64%  ABC TV Group will lay off as many as 200 employees, according to sources at the media and entertainment company.

The division, tasked with looking at areas to trim roughly 10% of its annual costs, will part ways with somewhere between 100-200 employees. Sources say the largest cuts will come from non-content and operational functions.

The layoffs will impact all of the division’s teams: ABC Entertainment, ABC Studios, Disney Channel, Disney XD, Disney Junior and Freeform.

Rumors of the layoffs were reported back in August by The Wall Street Journal. Originally the cuts were expected to impact as many as 300 employees. The Disney/ABC TV Group employs around 10,000 people.

Sources say Disney/ABC TV Group is shifting its resources to address the company’s future business needs, something all of Disney’s divisions are tasked with keeping a close eye on.

Disney shares are down 7% year to date, while the S&P 500 SPX, -0.17%  index is up 14% and the Dow Jones Industrial Average DJIA, -0.14%  is up nearly 16%