We are less than two weeks away from The Walt Disney Company’s annual shareholder meeting, and the previously announced layoffs are likely to start prior to said meeting, according to Deadline.
What’s Happening:
- Deadline’s sources have indicated that multiple rounds of cuts are currently being prepared, with the first planned for next week (possibly March 30th or 31st).
- There will then be a big wave in late-April, described as “the big one” or a “bloodbath,” when a large portion of the cuts are expected to come.
- Additionally, there could be a third round of layoffs, possibly coming between the two other rounds or following the late April round, if it’s deemed necessary.
- Disney executives have already submitted their layoff target reports, the step corporations take before a major workforce culling.
- Roughly 3% of Disney’s global workforce, or 7,000 positions, are set to be cut, which equals out to 4,000 employees and 3,000 open positions that have not been filled.
- The paring down of positions is part of Disney CEO Bob Iger’s effort to reach $5.5 billion in overall cost savings. Following his promise to investors, Iger is determined to make a statement in the coming weeks.
- The cuts are expected to be spread across the company’s three divisions: Entertainment, ESPN and Parks, Experiences and Products, with marketing and distribution — including the disbanded Disney Media and Entertainment Distribution unit — among the business areas ripe for consolidation.
- Virtually every part of the sprawling Entertainment division is expected to be impacted in a meaningful way.
- There have been rumors about potential significant cuts at Hulu, as well as sister studios ABC Signature and 20th Television, both on the business and content side.