Two big entertainment companies announced layoffs to cut expenses; Know more

News of layoffs is coming out in Walt Disney. The decision has been taken at the corporate level as part of the company's ongoing strategy to increase profitability. According to media reports, Disney is resorting to layoffs in an effort to streamline operations and improve financial performance amid a challenging market environment.

According to a Bloomberg report, the company issued a statement via email on Wednesday saying, "As part of the optimization work, we are reviewing the cost structure for our corporate level functions and this has been done so that operations can be conducted more efficiently in this direction."

According to the Deadline website, about 300 legal, human resources, finance, and communications department jobs have been affected. Also, divisions like ESPN and theme parks were not included in this latest round of layoffs.

Disney began cost-cutting measures last year, resulting in the loss of approximately 8,000 jobs. The company, like its rivals Paramount Global and Warner Bros. Discovery, has struggled as traditional television viewership has declined. Viewers are increasingly switching to streaming services.

Paramount Global, on the other hand, announced on Tuesday that the entertainment company intends to lay off several employees due to economic difficulties. This decision will have an impact on several divisions in its portfolio, including major networks such as CBS, Comedy Central, and MTV.

In a memo sent to employees, Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins said that these measures are necessary to ensure the long-term success of the company. According to Variety's report, the company wrote in the memo, "We are taking these steps to prepare Paramount for continued success."