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Wednesday, May 31, 2023

    Disney Set to Lay Off 7,000 Workers to Reduce Spending by $5.5 billion

    Wikimedia Josh Hallett

    Disney’s (DIS) valuation fell last year and is making expense reductions. According to Iger, a final round of layoffs will occur “before the start of summer. The company will lay off 7,000 workers.

    The initial announcement of the layoffs was made in February. The company-wide layoffs will affect ESPN, Disney’s parks and resorts, and its media and distribution operations.

    The cuts are a part of a larger initiative to lower company expenses and increase free cash flow. Disney announced last month that it would reduce spending by $5.5 billion, including $3 billion on content. Disney has eliminated its cross-divisional Next Generation Storytelling & Consumer Experiences business, which included the Mouse House’s metaverse ambitions, as part of a company-wide cost-cutting initiative.

    The company had been working on a cross-divisional membership program under Chapek, who was suddenly fired by Disney’s board in November 2022 and replaced by former CEO Iger. The program was intended to bring together benefits and special offers from across theme parks, cruises, Disney+, retail outlets, and other touch points. That idea was also abandoned by Disney as a result of Iger’s restructuring.

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    “We have made the difficult decision to reduce our overall workforce by approximately 7,000 jobs as part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business,” Iger said in his memo to employees. “For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward.”

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