Disney's TV Division to Cut 400 Jobs

Citing the economic crisis as the main reason for their decision, Walt Disney Co. television division has announced that it will cut 400 jobs. That's about six percent of the division's work force, according to the Associated Press.

A Disney executive, who spoke on condition of anonymity to the Associated Press, confirmed that 200 people are going to be laid off. The other 200 positions come from vacant positions that will not be filled. The Disney executive did not provide his name as the number of cuts has not been announced publicly.

"After months of making hard decisions across our businesses to help us adjust to a weakening economy, we're now faced with the harsh reality of having to eliminate jobs in some areas. I realize this is an extremely difficult day for everyone in our group," said Anne Sweeney, the president of the Disney/ABC Television Group, in a note sent out on Thursday.

Disney's television division usually employs about 7,000 people, according to the Associated Press.