Business Standard

Disney instructs to identify layoff candidates, may cut 4K jobs in April

It is unclear whether Disney will start laying off employees in small batches or lay off thousands all at once

The Walt Disney Company

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., . REUTERS/Brendan McDermid

IANS San Francisco
Entertainment giant Disney has directed managers to propose budget cuts and compile lists of employees who will be laid off in the coming weeks, the media reported.
It is unclear whether Disney will start laying off employees in small batches or lay off thousands all at once, but the company will announce that at least 4,000 current employees will be laid off sometime in April, reports Business Insider, citing sources.
The planned job cuts were announced ahead of Disney's annual meeting on April 3.
The entertainment giant also announced a reduction in general entertainment aimed at adults and that it is considering options for what to do with Hulu, the streaming service that specialises in general-entertainment shows and is owned two-thirds by Disney and one-third by Comcast Corp, the report said.
In February, CEO Bob Iger announced to lay off 7,000 employees as Disney looks to save billions of dollars by restructuring the company, cutting content, and trimming payroll.
Disney expects to deliver approximately $3 billion in savings over the next few years, excluding sports.
He said that 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," said the CEO.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 19 2023 | 1:28 PM IST

Explore News