When Disney announced the impending layoffs of 7,000 Disney employees in February, Cast Members around the world crossed their fingers that they would not be impacted.
Soon after, Disney managers were instructed to identify potential team members to prepare for layoffs as part of an overall strategy to reduct spending. As a bit of background, on his first day back as CEO in 2022, Bob Iger announced his plan to “collapse the centralized content and distribution unit DMED,” and in the February earnings call, he announced he would be cutting 7,000 jobs with 4,000 of those coming from the current headcount. It was expected that these job cuts would begin in April, and already this month, we’ve seen that even Disney executives aren’t safe from these layoffs.
According to Bloomberg, Disney is set to cut thousands of jobs as early as next week, primarily in the entertainment division. The cuts are said to include 15% of entertainment Cast Members.
These entertainment cuts will include Cast Members working across TV, film, theme parks, and corporate teams in every region where Disney operates.
The job cuts are projected to save Disney $5.5 billion in annual costs as the company undergoes mass restructuring to give creative direction back to executives within the movie and TV production sectors, including streaming. This is taking place after Disney suffered from a $1.47 billion quarterly loss within the streaming business under former CEO Bob Chapek’s supervision.
We’ll be sure to keep you updated with all the latest news and updates as we learn more, so make sure to stick around and follow along. For more information about other Disney business news, click the link below.
Click here to check out more details regarding the Disney layoffs and company restructuring as announced in the Quarter One Earnings Call
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What do you think of these mass layoffs within the Company? Let us know in the comments!
Disney+ isn’t going to pay for itself…
They should not lay off castmembers at the parks. The parks are where they are making money. The castmembers work very hard and should be rewarded not laid off. If Disney isn’t careful Universal Studios is going to blow them out of the water.