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Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
LOS ANGELES — Disney cut 5 percent of its consumer products and digital media staff on Wednesday, or about 250 jobs, a spokesman said, the latest in a series of belt-tightening moves by the world's largest entertainment conglomerate.
While small in a broad sense — Disney has more than 180,000 employees worldwide — pocket-size layoffs have been frequent at the company in recent months. In May, more than 300 workers lost their jobs when Disney pulled the plug on Infinity, a video game and toy line. In July, 30 people were let go by Maker Studios, a Disney-owned video business. Walt Disney Parks and Resorts has also made cuts, including a downsizing at its Imagineering research and development unit in early August, a move that the company said was tied to the completion of Shanghai Disneyland.
A portion of the new layoffs have hit video game workers, as Disney continues to shift its game approach to a licensing model and away from internal development, according to Brian Nelson, a Disney spokesman. A group of affected employees worked at a Bellevue, Wash., facility that supported the company's Marvel: Avengers Alliance mobile and social network games. The games were shut down last week after a sequel failed to catch on, a relatively routine occurrence in this fast-changing corner of the industry.
Additional cuts were the result of streamlining at the Glendale, Calif., headquarters of Disney Consumer Products and Interactive Media. Disney combined the two businesses into a single operation last year, in part to save money by eliminating overlapping departments, including marketing and human resources.
After a period of blistering growth fueled by the "Frozen" and "Star Wars" franchises, Disney Consumer Products and Interactive Media has recently emerged as an area of concern for some analysts. A lavishly promoted line of interactive toys called Playmation was a sales disappointment last Christmas. Starting in the spring, the unit reported back-to-back quarterly declines in profitability, even as every other Disney division delivered improvements.
Disney Consumer Products and Interactive Media reported profit in the second quarter of $357 million, an 8 percent decline from the year-earlier period, something the company attributed to fading sales of "Frozen" merchandise and the unfavorable impact of foreign exchange rates. The unit's third-quarter profit totaled $324 million, a 7 percent decline.
Disney's fiscal year ends on Sept. 30.