Walt Disney Co will begin a second wave of layoffs on Monday involving thousands of jobs, as part of efforts to eliminate 7,000 positions and save $5.5 billion in costs, according to sources familiar with the matter.
A rain spout stylized with the outline of Disney character Mickey Mouse is seen on a building at The Walt Disney Co. studios in Burbank, California August 9, 2011. REUTERS/Fred Prouserwill begin a second wave of layoffs on Monday involving thousands of jobs, as part of efforts to eliminate 7,000 positions and save $5.5 billion in costs, according to sources familiar with the matter.
The company will cut "several thousand" jobs through Thursday, with the latest round of reductions bringing the total number of jobs culled to 4,000, Disney officials say. The cuts will occur across the company's business segments, including Disney Entertainment, ESPN and Disney Parks, Experiences and Products, according to the sources, but are not expected to affect hourly frontline workers employed at the parks and resorts.
"We recognize that it has been a period of uncertainty and thank you all for your understanding and patience," they said., together with a reorganization that returned decision-making to its creative executives. Its goal is to create a more streamlined approach to its business. The entertainment industry has retrenched since its early embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix IncMedia companies started to rein in spending when Netflix posted its first loss of subscribers in a decade in early 2022, and Wall Street began prioritizing profitability over subscriber growth.employees affected by the workforce reductions, and said a second, larger round would follow in April.
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