Yesterday Bloomberg broke the news that Disney Entertainment Television laid off roughly 140 people. With this news National Geographic was hardest-hit with 60 layoffs about 13% of its workforce.
Other stations were also hit including ABC has been hit by the layoffs as once again Disney is cutting staff. According to a report by The New Your Post Disney wants to cut the budget at Good Morning America by $19 million a year before the Disney fiscal year ends on September 30, 2024. This means the staff are expecting layoffs to hit the popular morning show.
Disney is also making cuts in its marketing and publicity teams.
Disney’s entertainment-oriented TV networks account for about 12% of total revenue. A number that does not include channels like ESPN.
These cuts are on top of the roughly 8,000 positions cut recently by Disney to lower costs.
This all comes as cord cutting continues to cut into the profits of TV networks as viewers leave to switch to streaming services like Disney+. Now that has resulted in media companies shifting its budgets and staffing from traditional TV networks to its new streaming platforms to meet the demands of its customers.