Many of the job cuts could be local as Disney's TV and film units are targeted, while profitable theme parks are likely to be mostly spared.
Get John Horn's take on the latest in entertainment, plus personal recommendations for what you need to read and watch every Friday.Making good on an earlier Wall Street promise to slash $5.5 billion in costs, Disney CEO Bob Iger said the media giant would begin sacking some 7,000 employees this week.
The job cuts will come in several waves over the next few months, following Iger’s February announcement to trim the workforce when Disney reported earnings. “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,” Iger wrote in an email sent to Disney staff on Monday.
For those employees who no longer have jobs, Iger said, “Please know that our HR partners and leaders are committed to creating a supportive and smooth process every step of the way.”Disney has about 220,000 workers around the world, more than three-fourths of whom are full-time. Few of the cuts are expected to come from the company’s theme parks unit, which has generated strong revenues in the wake of the pandemic.
“Please know that our HR partners and leaders are committed to creating a supportive and smooth process every step of the way."Instead, the layoffs likely will touch every Disney business unit, which include ESPN and the Burbank-based Disney Entertainment — the company’s film, television and streaming divisions.
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