Disney Layoffs: Entertainment giant instructs managers to identify layoff candidates, may cut 4,000 jobs in April, report says
Disney logo (Image credit: Facebook)
San Francisco, March 19: Entertainment giant Disney has directed managers to propose budget cuts and draw up lists of employees to be laid off in the coming weeks, the media reported.
It’s unclear if Disney will start laying off employees in small batches or thousands at once, but the company will announce that at least 4,000 current employees will be laid off sometime in April, Business Insider reports, citing sources. Disney Announces Layoffs To Lay Off 7,000 Employees; CEO Bob Iger explains why.
The planned job cuts were announced ahead of Disney’s April 3 annual meeting. The entertainment giant also announced a reduction in general adult entertainment and is considering options for dealing with Hulu, the streaming service specializing in general entertainment shows and is two-thirds owned by Disney and one-third by Comcast Corp, it said in the report.
In February, CEO Bob Iger announced he would lay off 7,000 employees as Disney seeks to save billions of dollars by restructuring the company, cutting content and cutting payroll. Disney Layoffs: CEO Bob Iger announces 7,000 job cuts at entertainment company, here’s why
Disney expects savings of about $3 billion over the next few years, not including sports. He said there will be three core business segments as part of the strategic reorganization: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.
“This restructuring will result in a more cost-effective, coordinated and streamlined approach to our operations and we are committed to running our businesses more efficiently, particularly in a challenging economic environment. In that regard, we are targeting $5.5 billion in cost savings for the company,” said the CEO.
(The story above first appeared on LatestLY on March 19, 2023 1:35 p.m. IST. For more politics, world, sports, entertainment and lifestyle news and updates, visit our website Latestly.com).
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