LOS ANGELES, Oct 2 — The Walt Disney Company’s President Dana Walden said on Thursday that the company’s layoffs were “extremely painful” but necessary for its survival.
Disney has carried out several rounds of cost cutting measures in recent years to combat intense competition in streaming, while advances in AI tools have also become a cheaper production alternative for the billion-dollar company.
“We’ve exited colleagues who I’ve worked with for most of my career... It is in many ways a harsh reality,” Walden said during the Bloomberg Screentime conference in Los Angeles.
“It is extremely painful,” she added.
More than 300 people were laid off from Disney on Tuesday, most of whom work in human resources and information technology, according to US media reports.
