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