Tuesday, March 28, 2023

Disney considers layoffs, nearly 4,000 employees at risk of job loss in April, says Report

Entertainment conglomerate Disney after eliminating 7,000 jobs in February, is now again considering to lay off at least 4,000 current employees in April, reported Business Insider.

For this, the firm has directed managers to propose budget cuts and compile lists of employees that will be laid off in the coming weeks, added the report, citing sources.

However, it is still unclear that the layoff will be done in batches or will be done in a single shot. The planned job cuts were announced ahead of Disney’s annual meeting on 3 April.

Apart from this, Disney has also announced that a reduction will be done in general entertainment aimed at adults and considering options for what to do with the streaming service Hulu. The the streaming service specialises in entertainment shows and owned two-thirds by Disney and one-third by Comcast Corp.

ALSO READ: Wipro sacks 120 employees in US over ‘realignment of business needs’

Earlier in February, Disney CEO Bob Iger had announced to lay off 7,000 employees with the firm looking to save billions of dollars by restructuring it, cutting content, and trimming payroll.

Excluding sports, the firm is expecting deliver approximately $3 billion in savings over the next few years.

As per Iger, under the strategic reorganisation, there will be three core business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.

“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,” BI quoted the CEO as saying.

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