Disney Set To Make First Round Of Layoffs
Since the return of Bob Iger as CEO of the Walt Disney Company in November, getting the company’s finances in order has become one of the biggest priorities, as Disney looks to save over $5 billion in cost cutting measures, which is going to include over 7000 job cuts.
According to Deadline, a big round of layoffs is set to take place later this month, which is going to be spread out across all three of the companies divisions, Entertainment, ESPN, and Parks, Experiences & Products. There are also apparently plans for a further two waves of layoffs, but these might be after the virtual meeting with shareholders on April 3rd 2023.
Deadline has reported that “Senior Disney executives have been hashing out specifics of the reductions in recent weeks. We hear that most managers already have submitted their layoff target reports, the step corporations take before a major workforce culling.”
The entertainment division is expected to be hit hard, as Disney is looking to make its streaming services division more profitable, and with the closure of the Disney Media and Entertainment Distribution unit, there are many areas that are likely to see consolidation.
There have been rumours about significant cuts to Hulu staff, which is also apparently up for sale, ahead of Disney’s deadline in 2024 to buy out Comcast’s 33% stake.
Other expected cuts are going to hit ABC Signature Studios and 20th Television, with some rampant speculation that these two major TV studios could be merged together, but that might not be imminent. With Bob Iger’s previous comments about scaling back general entertainment content, and having two studios making similar content, it would seem more likely that these divisions could merge.
Disney isn’t the only company making big changes in how many people it employs, as many other tech and media companies have been making layoffs, as the world deals with the aftermath of the pandemic, a war with Russia, inflation and a cost of living crisis.
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