Disney Film and Television Group to Cut 9,500 Jobs in the U.S.
Posted by CNBC on February 11, 2019 12:17:58 Disney announced Wednesday it would cut 9,000 jobs at its film and television studio in California, the first of the company’s major film and TV cuts in more than a decade.
The announcement came after the studio announced Wednesday that it would stop production of the “Guardians of the Galaxy Vol.
2,” “Thor: Ragnarok” and “Avengers: Infinity War” after they failed to gross over $1 billion in global ticket sales.
The studio said the cuts will save about $100 million a year, or $6 million per job.
Disney Chief Executive Bob Iger said in a statement that the company was “working closely with our team to make this difficult decision,” adding that the layoffs will help improve the efficiency of the studio’s operations.
Disney is cutting more than 1,000 positions worldwide, including 1,400 in California.