LOS ANGELES: 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.
