The Walt Disney Co. is set to announce another significant round of job cuts next week
Layoffs
April 19, 2023
The Walt Disney Co. is set to announce another significant round of job cuts next week. According to sources familiar with the matter, the company will eliminate thousands of positions, including about 15% of the staff in its entertainment division.
The cuts will impact TV, film, theme parks, and corporate positions and will affect all regions where Disney operates. While the details aren't public, some workers will be notified as early as April 24. The upcoming job cuts are part of an overall strategy to reduce $5.5 billion in annual costs.
The cuts will be company-wide, and the entertainment division will be a focus of the layoffs. The division was created in a restructuring this year and includes the company's movie and TV production and distribution businesses, including streaming. Disney CEO Bob Iger moved to restore creative executive authority as part of the restructuring, elevating key lieutenants such as Alan Bergman and Dana Walden, co-chairmen of Disney Entertainment.
Disney's job cuts are in response to a shift in Wall Street's attention from subscriber growth in streaming to the high cost of operating online video platforms. As a result, every major media company, including Warner Bros., NBCUniversal, and Paramount Global, is trimming its headcount.
Disney CEO Bob Iger returned to lead the company in November 2020 after a $1.47 billion quarterly loss in the company's streaming business precipitated the ouster of his hand-picked successor, Bob Chapek.
Members of LevelFields received the alert of this event on April 18, 9:20 PM ET
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