03:27 PM EDT, 07/31/2024 (MT Newswires) -- (Updates with details in second and third paragraphs, request for comment in fourth paragraph.)

Walt Disney ( DIS ) is planning to cut about 140 jobs, or 2% of its staff, at its Disney Entertainment Television unit, Bloomberg reported Wednesday, citing people familiar of the situation.

The move is part of a cost-cutting strategy to address the shrinking TV division while balancing investment in streaming with the decline of profitable cable networks, Bloomberg quoted the people as saying.

The reductions will affect networks such as NatGeo and Freeform, which are cutting back on programming, along with ABC stations. NatGeo will cut its staff by about 13%. Freeform, which as experienced decreased viewership as teens move to streaming, will see job cuts in its marketing and publicity teams, according to the report.

Disney ( DIS ) will also reportedly cut positions in its marketing and publicity teams.

Disney ( DIS ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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