Disney and Paramount lay off hundreds of employees as legacy media giants struggle with pay-TV decline in 2024

After another challenging year, big media brands continue to focus on cost cutting as they head into the all-important fourth quarter.

It hasn’t been a good week for the entertainment industry. Two of media’s biggest names—the Walt Disney Company and Paramount Global—each announced layoffs this week. Both said they would cut hundreds of positions in efforts to reduce costs. Here’s what you need to know.