Latest reports have confirmed that the coming April month will see Disney laying off at least 4000 employees.
This comes after Disney’s announcement of eliminating 7000 jobs in February.
Read on to find out all the details about this new update.
After 7000 Job Cuts in February, Disney To Fire 4000 More Employees in April
Disney, a multi-media company, is now thinking about terminating at least 4,000 current workers in April.
According to the report, which also cited sources, the company has instructed managers to propose budget cuts and compile lists of workers who will be let go in the upcoming weeks.
How many people will be laid off—in batches or all at once—remains to be determined. Prior to Disney’s annual meeting on April 3, the planned job cuts were made public.
In addition, Disney has stated that it will cut back on general entertainment geared towards adults and is exploring options for what to do with the streaming platform Hulu.
The streaming service specializes in entertainment programming, and Disney and Comcast Corp. each own a third of it.
The company anticipates savings of about $3 billion over the next few years, excluding sports.
Reorganization Plans Will Include Only Three Main Business Segments
Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products will be the three main business segments under the strategic reorganization, according to Iger.
As per the CEO, “This reorganisation will result in a more cost-effective, coordinated, and streamlined approach to our operations, and we are committed to running our businesses more efficiently, especially in a challenging economic environment.
In that regard, we are targeting $5.5 billion of cost savings across the company.”
In February, we reported that the world’s largest entertainment company, Disney, announced that it was laying off 7,000 workers.
This is CEO Bob Iger’s first significant move since being asked back to lead the business late last year.
This was Iger’s first major decision ever since he has been leading the company.
According to its 2021 annual report, the company had 190,000 employees worldwide as of October 2 of that year, with 80% of them working full-time.
The illustrious company founded by Walt Disney also reported that consumers’ reduced spending caused its streaming service to experience its first-ever decline in subscribers in the most recent quarter.