LOS ANGELES, May 27 (UPI) -- Layoffs of between 5 and 10 percent in Walt Disney Studios' international distribution and home video divisions are likely by July, the New York Times reports.
Sources who asked not to be identified told the Times the staff cuts were part of an overall cost-cutting measure by Disney's chief executive, Robert Iger. Last fall, Iger asked Richard Cook, chairman of Walt Disney Studios, to review the studio's production, home video, marketing and distribution divisions.
In 2005, Disney fell to No. 5 in domestic boxoffice market share bringing in $962 million, down from No. 1 in 2003, when it led with $1.5 billion in domestic ticket sales, the report said.
"They are going through a transition," said Frank Marshall, who directed Disney's recent hit "Eight Below." "They are scaling back and looking at different genres of stories to do."
Sources said whatever changes occur, the studio is not expected to overhaul management.