Disney lays off hundreds in cost-cutting measure

“As part of this ongoing optimization work, we have reviewed the cost structure of our corporate-wide functions and determined that there are ways to make them work more efficiently,” the company said Wednesday in an emailed statement.

The website Deadline reported that about 300 jobs in legal, human resources, finance and communications were affected. The divisions, including ESPN and theme parks, were not involved in this round.

Disney began cost cutting last year, which ultimately involved 8,000 positions. The company, like rivals Paramount Global and Warner Bros. Discovery Inc. is grappling with a decline in traditional TV viewing in favor of a new generation of streaming services.