Disney Consumer Products And Interactive Media Unit Sets Minor Job Cuts
Disney’s Consumer Products and Interactive Media group has undergone a minor round of layoffs. The unit posted a decline in revenues and in operating income in the most recent quarter, as a result of lower licensing income and a drop in retail store sales.
It’s unclear how many people lost their jobs, but a source familiar with the division said the number is significantly below the threshold of 50 workers that would require a formal disclosure under federal law.
The reductions are related to a corporate restructuring announced in March, when Disney announced it would combine its parks and resorts unit with consumer products under Bob Chapek. At the time, the company said bringing together consumer products with the theme parks’ retail operations will result in greater efficiencies.
A Disney spokesperson declined comment.
The layoffs come a few months before The Walt Disney Co. is expected to close its $71.3 billion acquisition of much of 21st Century Fox. Shareholders approved the deal in July. A source familiar with the job cuts emphasized that they are unrelated to the Fox transaction.
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