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Walt Disney Studios to cut five percent jobs

New York: Walt Disney Studios plans to cut up to 250 jobs, which comprise five percent of its worldwide workforce, a media report said.

The cuts would take effect as early as next week. The bulk of the workforce reduction will be in Burbank near Los Angeles, company insiders were quoted as saying by The Los Angeles Times.

The movie studio currently has about 5,000 people globally, said Xinhua.

The reductions are expected to hit hardest in the studio`s distribution operation, the report said.

It attributed the job cuts to many factors, including falling DVD sales and flat theatre attendance.

The decline in home entertainment revenue has been particularly problematic for the studio, prompting industrywide layoffs. Sales of DVDs, Blu-ray discs and digital movies fell 18 percent in the first quarter compared to the same period a year earlier, said industry trade organisation Digital Entertainment Group.

IANS

From Zee News

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