The Walt Disney Company will begin a second wave of layoffs this Monday, April 24. With this, it seeks to eliminate up to 7,000 jobs to help save US$5.5 billion in costsreported Reuters according to sources familiar with the process.
The company is expected to cut “several thousand” jobs in layoffs that will begin Monday, April 24, and continue through Thursday, April 27. With the latest round, Disney officials say the company will have cut 4,000 of the expected total. .
The departures will occur across all of the company’s business segments, including Disney Entertainment, ESPN and Disney Parks, Experiences and Products, according to the sources.
Why is Disney laying off its workers?
Disney announced its layoff plan in February, along with a sweeping shakeup that restructured the company and returned decision-making to Disney’s creative executives. The goal is to streamline the business.
The entertainment industry has regressed from its initial euphoric embrace of streaming video, when established media companies lost billions launching competitors against Netflix inc.
Firms began reining in spending when Netflix posted its first subscriber loss in a decade in early 2022, and Wall Street began to prioritize profitability over subscriber growth.
The 27th of March, Disney It began notifying employees affected by the downsizing, and said there would be a second, larger round in April. A third is expected before the beginning of the boreal summer.
Source: Larepublica
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