Disney Lays Off 700 Employees

Disney has laid off 700 employees from their gaming division today, as the New York Times reports. That's 26% of their staff, and it's mostly in mobile, social, and web-based gaming.

"These are large-scale changes as we focus not just on getting to profitability but sustained profitability and scalability," Disney Interactive president James A. Pitaro told the Times.

This follows a Wall Street Journal report that the company would cut hundreds of jobs last month. Last year, Disney closed down Epic Mickey developer Junction Point Studios and the iconic studio LucasArts.