Disney said in February it planned to eliminate 7,000 positions from its workforce of more than 220,000.Walt Disney Co. plans another big round of job cuts next week, eliminating thousands of positions, including about 15% of the staff in its entertainment division, people familiar with the matter said. The entertainment division will be a focus of the cuts.(REUTERS) The cuts will span TV, film, theme parks and corporate positions, and affect every region where Disney operates, said the people, who asked not to be identified because the details aren’t public. Some affected workers will be notified as early as April 24. Disney said in February it planned to eliminate 7,000 positions from its workforce of more than 220,000, part of an overall strategy to shave $5.5 billion in annual costs. The cuts are coming across the company, the people said, including at Disney Entertainment, which was created in a restructuring this year as home to the company’s movie and TV production and distribution businesses, including streaming. As part of that restructuring, Chief Executive Officer Bob Iger moved to restore authority to creative executives. He elevated key lieutenants including Alan Bergman and Dana Walden, the co-chairmen of Disney Entertainment. As part of that effort, the company is paring its commitment to general entertainment, focusing more on franchise properties and well-recognized brands. As a result, the entertainment division will be a focus of the cuts. Every major media company, including Comcast Corp.’s NBCUniversal, Warner Bros. Discovery Inc. and Paramount Global, is trimming its headcount as Wall Street’s attention shifts from subscriber growth in streaming to the high cost of operating online video platforms. In November, Eger returned to lead Disney after a $1.47 billion quarterly loss in the company’s streaming business precipitated the ouster of his hand-picked successor, Bob Chapel.
Initiatives
- Apple Vision Pro Puts Your TV, Phone And Laptop On Notice, In One Fine Swoop
- These Personal Finance-Related Deadlines Fall In June. Check Details
- Lava’s Agni 2 Efforts May Prove a Pivotal Moment For Indian Phone Makers
- Commercial LPG Cylinders’ Price Slashed By ₹83.5; Check Latest Prices
- Strong Forex Gains Propel RBI’s FY23 Income To ₹2.35 Lakh Crore
- Rolls Royce May Cut Thousands of jobs: Report
- Words to Images: Blurring Boundaries Between Real Memories And AI Creations
- Cash-Strapped Go First Cancels All Flights Till May 30, Assures ‘Full Refund’
- Ola Electric Hires Goldman, Kotak As it Aims For IPO By 2023 End: Report
- 5G Network Crosses 2 Lakh Sites Mark With Roll Out In Uttarakhand’s Gangotri