India, April 15 -- The Walt Disney Company will lay off 1,000 employees as part of new CEO Josh D'Amaro's plan to restructure the organisation. D'Amaro informed employees of upcoming layoffs in an internal email on Tuesday morning.

According to a Wall Street Journal report, the job cuts will largely affect the entertainment giant's marketing department. However, The Statesman reported that Disney's studio arms, TV divisions, ESPN, product and technology teams, and even certain corporate functions will also be affected.

Disney, like many other Hollywood studios, is adapting to a new reality where streaming brings in less profit than traditional TV once did. At the same time, box office earnings have weakened, and competition from tech gi...