(Reuters) -Media company Walt Disney is laying off several hundred employees in film, television and corporate finance, a source familiar with the matter said on Monday.

The layoffs affect multiple teams around the world, including film and TV marketing, TV publicity and casting and development, the source said.

Disney and other companies are reshaping their business strategies in response to the migration of cable TV audiences to streaming platforms. In 2023, Disney cut 7,000 jobs as part of an effort to save $5.5 billion in costs.

Disney also laid off nearly 6%, or fewer than 200 people, in the ABC News Group and Disney Entertainment Networks in March.

The company’s most recent earnings report in May exceeded Wall Street expectations with an unexpected boost from the Disney+ streaming service and strong results from theme parks.

Disney shares, which have risen 21% since the earnings report, were down 0.3% at $112.62 on Monday afternoon.

(Reporting by Lisa Richwine in Los Angeles and Jaspreet Singh in Bengaluru; Editing by Arun Koyyur, David Evans and Cynthia Osterman)