Walt Disney Company To Lay Off 7,000 Employees To Cut Costs [Updated]
News - DCL 09-Feb-2023
Alongside the announcement that The Walt Disney Company structure will be tweaked came the news that Disney will be cutting their workforce by 7,000 (3% of the company's global workforce) in an effort to increase efficiency within the company.
Alongside that will come a push for efficiency that targets $5.5B in cost savings. Reductions to non-content costs will total some $2.5B, with $1B in savings already under way, Iger said. That will incorporate cutting the workforce by 7,000 jobs. On the content side, "we expect to deliver approximately $3 billion in savings over the next few years, excluding sports," he said.
It's unclear what departments will get cuts and if the Disney Parks - where sections have been understaffed - will be affected by this. The Hollywood Reporter is quoted saying "However, with theme park staff making up a significant portion of Disney employees (and with that division not seeing the same level of restructuring as other departments), the cuts are likely to be steeper in the entertainment and ESPN divisions.".
Update: In an update (via Scott Gustin), Josh D'Amaro said workforce reductions will impact every segment across the company, including Parks, Experiences, and Products. However, he said the company does NOT expect it to impact hourly frontline roles in operations.
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