Disney’s Third Round Of Layoffs Has Begun
The third wave of Disney layoffs has finally arrived, with the latest round of cuts beginning today.
The latest, and hopefully final round of company-wide layoffs is expected to affect more than 2,500 jobs across the company.
While the latest round of job eliminations will hit all aspects of Disney’s organization, television, which was hit particularly hard in the last round of cuts, is expected to be largely spared.
The Third (And Final) Round of Layoffs
Last February, Disney CEO Bob Iger announced that Disney would look to shed 7,000 jobs as part of a company-wide restructuring. Iger’s plan was put in place with the goal of saving nearly $5.5 billion.
Those layoffs began on March 27 with the first of what Iger confirmed would be three waves of widespread layoffs.
Disney Parks Have Remained Unaffected
The second and largest wave began on April 24 and saw the total of eliminated jobs reach 4,000. At the time, Disney also stated that it expected the third round to begin before the start of summer.
Interestingly, while Disney has continuously stated that the job cuts would affect all divisions within the Walt Disney Company, Disney Parks and Resorts has managed to skate by this far largely untouched.
In a question and answer event today at the JP Morgan Global Technology, Media, and Communications Conference, Disney Parks, Resorts, and Experiences Chairman Josh D’Amaro stated that the division would be affected, but that there were cuts he would not make.
“I’m participating in that as well. What I will not do is cut any labor from the frontline. I want to make sure that our frontline cast members continue to service our guests and create that true Disney difference, ” D’Amaro stated.
Notably, Disney Parks and Resorts was one of the true bright spots of Disney’s last quarterly earnings. The division saw revenues increase by 17% to $7.78 billion in revenue.
As always, be sure to check back with MickeyBlog. We will continue to update you on all the news surrounding Disney’s latest round of layoffs.
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