Disney will lose 7,000 jobs as part of a cost-cutting measure
The Walt Disney Corporation started putting into action its previously disclosed plan to eliminate 7,000 positions on Monday (March 27) in an effort to enhance cost control and reorganise its business processes.
Disney Entertainment, Disney Parks, Experiences and Products, and corporate will be impacted, according to a letter from CEO Bob Iger to staff that was cited by Reuters. ESPN was not harmed in this round of cutbacks, but it is anticipated that it will in subsequent ones.
Media firm The Walt Disney Corporation
- Walt Disney World Resort, shopDisney, Hulu, and MORE are subsidiaries.
- Established on October 16, 1923 in Los Angeles, California, USA
- Founders: Roy O. Disney and Walt Disney
- Headquarter location: Burbank, California, USA
According to Iger, the business will begin informing the first batch of workers who will be affected by the impending employment cutbacks within the next four days. There will be thousands more worker cutbacks in April as part of a second, larger round of job cuts.
According to the letter, the last round of layoffs should occur before the start of the summer.
We start alerting employees this week whose jobs will be affected by the company’s staff cutbacks. During the course of the next four days, leaders will immediately inform the first set of impacted workers, according to a statement from Iger.
We anticipate to start the last round of notifications before the start of the summer to accomplish our 7,000-job objective, he continued. “A second, bigger wave of notifications will happen in April with several thousand additional employee reductions.
The Burbank-based entertainment company said in February that it will be eliminating 7,000 positions as part of its attempts to slash expenses and turn around its underperforming streaming division. The business claimed that with this change, it will save $5.5 billion.
Iger said that many “contribute a lifelong enthusiasm for Disney” to their job and added, “The difficult reality of many colleagues and friends departing Disney is not something we take lightly.”
Disney has been coy about the nature of the job layoffs, but sources believe they will take place before to the business’s annual shareholder meeting, which is slated for April 3.
