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Disney Stock Rises. More Staff Cuts Planned as It Gears Up for Netflix Streaming Battle.
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The Walt Disney Co. is set to lay off more cable-channel employees—yet another sign the entertainment company is prioritizing streaming over what was once its core business. Disney is letting go of about 200 workers across ABC News and its Disney Entertainment Networks unit, The Wall Street Journal reported late Tuesday, citing a person familiar with the matter. Disney didn’t immediately respond to a request for comment from Barron’s. The stock climbed 0.9% Wednesday to $109.96.
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