Disney begins largest wave of layoffs, targeting thousands at ESPN, Parks, and other divisions
Disney is shedding a number of thousand employees throughout the corporate this week within the second and largest wave of cuts as a part of the media big’s beforehand introduced plan to slash its workforce by 7,000 staff.
The newest spherical of job cuts will impression ESPN, Disney’s leisure division, Disney Parks, and its Experiences and Product division as half of a bigger workforce discount plan introduced in February by chief government Bob Iger in an intention to avoid wasting US$5.5 billion in prices, the corporate stated. The firm had suspended its dividend funds in the course of the pandemic, however Iger introduced in February that he expects them to return.
The cuts this week are anticipated to happen Monday by means of Thursday, affecting staff from coast to coast, Disney stated. The newest spherical of layoffs comes after an preliminary wave final month, and can deliver the whole variety of jobs misplaced throughout the corporate to 4,000, it stated. The layoffs, nonetheless, are usually not anticipated to have an effect on hourly frontline staff at Disney’s theme parks and resorts.
A 3rd and ultimate wave of layoffs to achieve the 7,000 whole is predicted earlier than the start of summer season, the corporate stated. Disney had about 220,000 employees as of October 1, of which roughly 166,000 had been employed within the United States. A minimize of seven,000 jobs represents about 3 per cent of its world workforce.
“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” Iger stated in a memo to employees final month. “In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world — now, and long into the future.”
The layoffs observe Iger’s return to Disney in November after the corporate’s board fired Bob Chapek as its chief.
CNN’s Chris Isidore contributed.
