Last week, an internal memo from Walt Disney warned about the second round of layoffs that would impact thousands of positions across their TV, film, and theme park divisions, along with corporate groups in every area. A Bloomberg article now confirms that the second phase of job cuts begins today.
The second phase of the three-round job cut lasts until Thursday and is expected to eliminate 4,000 workers from its entertainment unit, theme parks, and experiences and product divisions.
Cuts are coming to all of the company's divisions, stretching from the company headquarters in Burbank, California, to Connecticut, where its ESPN sports networks are based. Hourly workers at the theme parks will not be affected, the company said. --Bloomberg
Disney announced in February it planned to eliminate 7,000 positions from its 220,000 workforces, a move to save $5.5 billion per year.
"The difficult reality of many colleagues and friends leaving Disney is not something we take lightly," Disney said in a statement.
Disney's old and then-new again CEO, Bob Iger, came out of retirement in November to lead the restructuring efforts. He elevated key allies in the company, including Alan Bergman and Dana Walden, the co-chairmen of Disney Entertainment.
It appears that Disney overhired.
Disney shares have been halved since peaking in early 2021 and roundtripped to Covid lows.
The third round of layoffs is expected to occur sometime in the summer.
Last week, an internal memo from Walt Disney warned about the second round of layoffs that would impact thousands of positions across their TV, film, and theme park divisions, along with corporate groups in every area. A Bloomberg article now confirms that the second phase of job cuts begins today.
The second phase of the three-round job cut lasts until Thursday and is expected to eliminate 4,000 workers from its entertainment unit, theme parks, and experiences and product divisions.
Cuts are coming to all of the company’s divisions, stretching from the company headquarters in Burbank, California, to Connecticut, where its ESPN sports networks are based. Hourly workers at the theme parks will not be affected, the company said. –Bloomberg
Disney announced in February it planned to eliminate 7,000 positions from its 220,000 workforces, a move to save $5.5 billion per year.
“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” Disney said in a statement.
Disney’s old and then-new again CEO, Bob Iger, came out of retirement in November to lead the restructuring efforts. He elevated key allies in the company, including Alan Bergman and Dana Walden, the co-chairmen of Disney Entertainment.
It appears that Disney overhired.
Disney shares have been halved since peaking in early 2021 and roundtripped to Covid lows.
The third round of layoffs is expected to occur sometime in the summer.
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