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Disney Undertakes Fresh Round of Job Cuts at the Corporate Level

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A visitor extends an arm while riding the Dumbo the Flying Elephant ride in Fanasyland at Walt Disney Co.'s Disneyland Resort in Hong Kong, China, on Thursday, June 18, 2020. Hong Kong Disneyland reopened Thursday under health restrictions to check the spread of infections in a pandemic that's seeing a second wave of outbreaks, including a flare up this week in Beijing. Photographer: Lam Yik/Bloomberg (Lam Yik/Bloomberg)

(Bloomberg) -- Walt Disney Co. is laying off workers at the corporate level as part of a continuing effort to improve the profitability of the business.

“As part of this ongoing optimization work, we have been reviewing the cost structure for our corporate-level functions and have determined there are ways for them to operate more efficiently,” the company said Wednesday in an emailed statement.

The website Deadline reported that about 300 jobs in legal, human resources, finance and communications were impacted. Divisions including ESPN and theme parks weren’t involved in this round.

Disney embarked on cost cutting last year that ultimately involved 8,000 positions. The company, like rivals Paramount Global and Warner Bros. Discovery Inc., has been struggling with a decline in traditional TV viewing in favor of a new generation of streaming services.

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