Disney to lay off 1,000

The layoffs will impact several key areas, including marketing, Disney's film studios, and ESPN. In a memo to employees, D'Amaro emphasized that the fast-moving pace of the industry requires the company to be more efficient and responsive to market changes.

The move follows a major consolidation of Disney's marketing groups earlier this year under Bob Iger.

D'Amaro, who took over as CEO in February, is facing pressure to improve profitability as the company navigates a shifting streaming landscape and economic uncertainty.