According to those familiar with the situation, Walt Disney Co. expects to begin laying off thousands of employees starting next week, including 15% of the workforce in its entertainment sector.
According to the people, who requested anonymity because the specifics are private, the cuts will affect every area where Disney operates and will span the TV, film, theme parks, and corporate jobs. Some impacted employees may receive notice as early as April 24. The business opted not to comment.
Reducing Employees
Disney announced in February that it would eliminate 7,000 jobs from its workforce of more than 220,000 people as part of a bigger effort to decrease costs by $5.5 billion yearly.
The cuts are occurring across the organization, the sources claimed, including at Disney Entertainment, which was established this year as part of a restructuring to house the firm’s streaming and movie production and distribution operations.
- Disney expects to begin laying off thousands of employees starting next week.
- Disney announced in February that it would eliminate 7,000 jobs from its workforce.
- The firm is lowering its commitment to broad entertainment.
As part of the restructuring, CEO Bob Iger made a move to hand over control to innovative leaders. Alan Bergman and Dana Walden, the co-chairmen of Disney Entertainment, were among the notable subordinates he promoted.
As part of this approach, the firm is lowering its commitment to broad entertainment and increasing its focus on franchise properties and recognizable brands. Therefore, the cuts will concentrate on the entertainment division.
Every major media organization, such as Warner Bros., NBCUniversal, Comcast Corp. Discovery Inc., and Paramount Global, is slashing staff as Wall Street’s attention shifts from the increase of streaming subscribers to the significant cost of operating online video platforms.
Iger took over as CEO of Disney once more when Bob Chapek, Iger’s carefully chosen successor, was sacked in November as a result of a $1.47 billion quarterly deficit in the company’s streaming operation.
