Walt Disney Co on Wednesday confirmed the company is laying off employees in its movie studio division, a cost-cutting step after a review of the unit's operations.
In a brief statement, Disney said it "made the difficult decision to reduce our staffing levels" in several studio divisions. The move is "part of an ongoing review to ensure that the studios' operational structure and economics align with the demands of the current marketplace," the company said.
About 150 employees, less than 5 percent of the studio's staff, will lose their jobs, a source with knowledge of the decision said. The bulk of the cuts are in the home entertainment, marketing and technology divisions and include fewer than 10 people in the animation unit.
Reuters reported on April 4 that Disney expected to begin layoffs in the studio in the latest cost-reduction step to emerge from a company-wide review.
(Reporting by Lisa Richwine; Editing by Gerald E. McCormick)