Disney is reportedly looking to continue their waves of job cuts and position eliminations, including a cut of 15% of its entertainment division according to Bloomberg.
What’s Happening:
- The Walt Disney Company is reportedly looking at cutting more jobs next week, this time eyeing the company’s Entertainment division, set to reduce it by 15%.
- Back in February, Disney revealed it planned to cut 7,000 jobs, and this next wave will reportedly span across TV, FIlm, Theme Parks, and corporate teams, affecting every region where Disney operates.
- Those affected will reportedly be notified as early as April 24th.
- Back in February, Bob Iger revealed that The Walt Disney Company will be laying off thousands of employees as part of a new round of cost cutting measures.
- On the Walt Disney Company’s Q1 earnings call with CFO Christine McCarthy, Iger said that 7,000 jobs would be let go from the now 100-year-old company. "I have enormous respect and appreciate for the dedication of our employees worldwide," Iger said. "While this is necessary to address the challenges we face today, I do not make this decision lightly."
- Last month, Iger sent out a memo announcing that the cuts had begun, with several high profile names, including Marvel’s Ike Perlmutter and longtime publicist Jeffrey R. Epstein among others, being cut in the first wave.
- The memo said that the next wave would occur this month, reading: “This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions. Leaders will be communicating the news directly to the first group of impacted employees over the next four days. A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target.”