Here's Why Walt Disney is Cutting 250 Jobs

Shares of Disney (DIS) - Get Report were lower Thursday after the company announced job cuts. The entertainment giant is cutting 250 positions in its consumer products and interactive media division, which represents about 5% of the unit's total employment, according to Bloomberg. The move comes as Disney shifts to licensing characters to video-game producers rather than making games itself. This is also just the latest round of layoffs for the company. Disney cut more than 300 jobs from its video game and toy line in May and laid off 30 employees from its Maker Studios business in July, according to the New York Times.

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