Disney to lay off thousands of employees next weekReport

By India Today Business DeskUS mass media and entertainment conglomerate Walt Disney Co. plans to lay off thousands of jobs next week, including 15 per cent of staff in its entertainment division, reported Bloomberg.

The job cuts will span across TV, film, theme parks and corporate positions, affecting every region where Disney operations, said people who spoke to the publication.

Some of the affected workers will be notified as early as April 24, added the report. The company has not yet commented on the matter.

Disney had said earlier this year that it plans to eliminate 7,000 positions from its workforce of more than 2,20,000 as part of an overall strategy to cut annual costs.

The sources quoted in the Bloomberg report added that the job cuts will be announced across the company, including at Disney Entertainment, which was created in a restructuring to house the company’s movie, TV production and distribution business that includes streaming.

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Disney’s Chief Executive Officer Bob Iger moved to restore authority to creative executives as part of the restructuring. It may be noted that in November 2022, Bob Iger returned to lead Disney after a $1.47 billion quarterly loss in the company’s streaming business resulted in the ouster of his successor, Bob Chapek.

The company is also paring its commitment to general entertainment, with more focus on franchise properties and well-recognised brands.

As a result, the entertainment division will take the biggest hit in terms of job cuts.

Not just Disney, but major media brands such as Comcast Corp’s NBC Universal, Warner Bros. Discovery Inc. and Paramount Global are also trimming their headcount amid the ongoing global economic slowdown. The layoffs are aimed at trimming operating costs.

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