This past Thursday, Disney consumer products and interactive media division laid off employees after a disappointing performance during the most recent financial quarter.
What’s happening:
- The Hollywood Reporter writes that Disney has recently laid off several employees in its consumer products and interactive media segment.
- THR says, “Disney declined to comment, but the department was hit with layoffs on Thursday. One source said the number wasn’t large but it affected rank-and-file employees up to vp-level executives.”
- These layoffs follow the restructuring of the segment, a move that took place back in March in part to prepare for the launch of Disney’s direct to consumer streaming service.
- According to reports, consumer products and interactive media have underperformed in both quarterly revenue and operating income.
- The division of the company saw an 8 percent decline in revenue as well as a 10 percent decline in operating income.
- This is the only division of the company to report decline in both sections.