Disney Plans To Another Big Round Of Job Cuts

Disney Layoffs 2023: After announcing 7,000 job layoffs, Walt Disney Co. (DIS.N) is preparing to fire thousands of workers the next week, Bloomberg said, including 15% of the workforce in its entertainment sector. The layoffs would affect workers in every location where Disney operates as well as those employed in the TV, film, theme parks, and corporate positions, according to the people, who asked not to be named because the specifics aren’t public.

Some affected employees may receive notice of the job losses as early as April 24. According to Bloomberg, the corporation, however, declined to comment on the situation.

Requests for comment from the company received no response. In February, Disney said that it would cut 7,000 jobs from its more than 220,000-person staff as part of a larger goal to reduce expenses by $5.5 billion annually. The cuts are occurring across the organisation, the sources claimed, including at Disney Entertainment, which was established this year as part of a restructure to house the firm’s streaming and movie production and distribution operations.

Chief Executive Officer Bob Iger moved to return control to creative leaders as part of that restructure. He promoted several important subordinates, notably Disney Entertainment co-chairmen Alan Bergman and Dana Walden.

The corporation is reducing its commitment to general entertainment as part of this strategy and placing a stronger emphasis on franchise properties and recognisable brands. The entertainment division will therefore be the focus of the cuts.

As Wall Street’s focus moves from streaming subscriber growth to the hefty expense of maintaining online video platforms, every major media business, including Comcast Corp.’s NBCUniversal, Warner Bros. Discovery Inc., and Paramount Global, is cutting its personnel. After Bob Chapek, Iger’s hand-picked replacement, was fired in November due to a $1.47 billion quarterly deficit in the company’s streaming division, Iger took over as CEO of Disney again.