Disney Layoffs Could Be Happening Soon- Here’s What We Know So Far
Layoffs could be coming over the next week at the House of Mouse. Disney is holding its annual shareholder meeting on virtually on April 3, 2023. As Disney preps to report on the future of the company, it is suspected that plans will be announced to cut staff in order to reduce overheads.
According to a recent piece that appeared in DEADLINE, word on the inside is that Disney is prepping for multiple rounds of staff cuts with the first reportedly going into effect this month. There is speculation that this will happen prior to the shareholders meeting. Layoffs are expected to continue into April.
It should be made clear that at the moment The Walt Disney Company has not made any official company announcement regarding staff cuts. However, information being leaked is that management have been working on layoff target reports which points to an imminent cull.
If you’ve been following along with us here at MickeyBlog you’ll know that back in February during a quarterly earnings call, CEO Bob Iger said that plans were being considered to lay off 3% of Disney’s global workforce or 7,000 cast members in total. This is part of Disney’s effort to say $5.5 billion.
So where are these cuts expected to happen? According to DEADLINE, Entertainment, ESPN and Parks, Experiences and Products are all believed to be impacted. These cuts could extend as far as Hulu, ABC and 20th Television both in management and content.
During last month’s earnings report, Iger said that $1 billion in cost savings was currently being made at the company. This includes a restructuring in the wake of Bob Chapek’s departure. During his time as CEO, Chapek created an overlap in the marketing of streaming services that needs to be rectified.
Thought the optics aren’t great as The Walt Disney Company embarks on its 100th Anniversary Celebration, they certainly aren’t the only media/tech company that is looking to cut back on staff. This is due large and in part to spiking interest rates and fluctuations in foreign currency.
This is a story that we will continue to follow closely. Readers are encouraged to keep following along with MickeyBlog for the latest Walt Disney Company news and updates.
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Source: DEADLINE