The Walt Disney Company is reportedly planning another round of layoffs next week that will impact thousands of employees, including nearly 15% of the staff in its entertainment division.
This round of workforce reduction will be across TV, film, theme parks, and corporate positions, Bloomberg News reported. These layoffs will affect every region where Disney operates.
YourStory has reached out to Disney, and the story will be updated to reflect the company’s response.
In February, Disney said it planned to slash 7,000 jobs globally, which could help the company meet its aim of reducing costs by $5.5 billion.
The layoffs will be across the firm, including at Disney Entertainment, which was created in a restructuring effort this year as home to the company’s movie and TV production and distribution businesses, including streaming, the report noted.
Globally, streaming players like Netflix and Disney have been under pressure from Wall Street to show profits, reduce spending, and keep users hooked to their platforms. Robert Iger, who exited his role in February 2020, left Robert Chapek in charge of the company. However, the company’s board reinstated Iger in November to turn the cash-bleeding streaming ship around.
In February, Disney announced details of its strategic restructuring. The company was organised into three core collaborative business segments—Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products.
Disney’s Q2 FY23 financial results will be released after market close on May 10, 2023.
