Disney Layoffs 2023: Entertainment Giant Planning Another Round of Sackings, To Eliminate Thousands of Jobs This Month, Say Reports
While announcing 7,000 layoffs, CEO Robert Iger said, "A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target."
Mumbai, April 19: Amid the mass layoff season across sectors, Walt Disney Co is all set to sack hundreds and thousands of employees as the company looks to show the door to about 15 percent of its staff. This comes in addition to the 7,000 layoffs which the American multinational company announced earlier this year. If reports are to be believed, the company is likely to sack thousand of its employees including 15 percent of the workforce from its entertainment division.
According to a report in Bloomberg, the job cut at Walt Disney Co or Disney Layoffs 2023 is likely to cut people working in several divisions including TV, film, theme parks, and corporate positions among others. As per the reports, the employees who will be laid off are most likely to be notified about the same by April 24. The layoffs at Disney are likely to affect every region where the American media conglomerate has its presence. Disney Layoffs: First Round of Job Cut Begins This Week, 7,000 Employees To Be Sacked, Says CEO Robert Iger.
Job Cut in Addition to 7,000 Layoffs Announced Earlier?
The latest job cuts come after the entertainment company earlier this year announced that it will be laying off 7,000 employees from its workforce. Following this, the layoffs at Disney began in late March in a bid to control costs and create a "streamlined" business. While announcing 7,000 layoffs, CEO Robert Iger said, "A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target."
It seems the layoffs at Disney are part of the company's process to sack 7,000 employees which will take place in three stages. Going by reports, the layoffs in April this month are said to be the second stage of the layoffs at Disney. The layoffs in March were the first round of job cuts while the one in April this month is likely to be the second round of layoffs at Disney this year. Disney Layoffs: Entertainment Giant Instructs Managers To Identify Layoff Candidates, May Cut 4,000 Jobs in April, Says Report.
Besides Disney, other streaming companies such as NBC Universal, Warner Bros, and Paramount Global have also reduced their workforce. The layoffs at streaming companies including Disney are seen as an attempt for change as they shift their focus towards operating online video platforms. Meanwhile, a report in Business Insider in March 20203 said that Disney was planning to cut short its workforce by laying off 4,000 employees in April. This could well be the second round of layoffs at Disney as part of the 7,000 employees sacking in three rounds.
(The above story first appeared on LatestLY on Apr 19, 2023 09:00 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).