Disney Continues Company-Wide Layoffs

Disney Continues, Company-Wide Layoffs .

On April 24, Disney began a second wave of layoffs as part of the company's larger reorganization efforts to cut costs by $5.5 billion.

CNBC reports that the latest round of layoffs will bring the total number of jobs cut to 4,000.

Earlier in 2023, returning CEO Bob Iger announced plans to reduce Disney's workforce by 7,000 employees during his first earnings call.

7,000 jobs is equal to about 3% of the roughly 220,000 people employed by Disney as of October 1.

According to the company's securities filing, Disney employs approximately 166,000 in the U.S. and another 54,000 abroad.

CNBC reports that employees were first notified of the upcoming layoffs on March 27.

The senior leadership teams have been working diligently to define our future organization, and our biggest priority has been getting this right, rather than getting it done fast, Alan Bergman and Dana Walden, co-chairmen of Disney Entertainment, via CNBC.

CNBC reports that the latest round of layoffs will impact various divisions across the company, including ESPN and Disney Entertainment.

CNBC reports that the latest round of layoffs will impact various divisions across the company, including ESPN and Disney Entertainment.

As we advance as a core segment of Disney, with operational control and financial responsibility, we must further identify ways to be efficient and nimble, Jimmy Pitaro, ESPN CEO, via CNBC.

We will act with compassion, respect for our colleagues, and professionalism as we face these hard circumstances, Jimmy Pitaro, ESPN CEO, via CNBC.

We will act with compassion, respect for our colleagues, and professionalism as we face these hard circumstances, Jimmy Pitaro, ESPN CEO, via CNBC