However, it is not yet clear if the layoff will be carried out in small batches or all 4,000 employees will be laid off at once, the report in Business Insider said. The planned job cuts were announced ahead of Disney’s annual meeting on April 3.
Disney May Layoff 4,000 Employees In April: Entertainment giant Disney is planning to reduce its workforce by 4,000 as it seeks to restructure the organisation and reduced the budget, reported Business Insider citing sources. The company has asked its managers to identify candidates for the proposed layoff in April. However, it is not yet clear if the layoff will be carried out in small batches or all 4,000 employees will be laid off at once, the report in Business Insider said. The planned job cuts were announced ahead of Disney’s annual meeting on April 3.
The entertainment giant also announced a reduction in general entertainment aimed at adults and that it is considering options for what to do with Hulu, the streaming service that specialises in general-entertainment shows and is owned two-thirds by Disney and one-third by Comcast Corp, the report said.
Earlier, CEO Bob Iger, in February, announced to lay off 7,000 employees as Disney looks to save billions of dollars by restructuring the company, cutting content, and trimming payroll.
He said that under the strategic reorganisation, there will be three core business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.
“This reorganisation will result in a more cost-effective, coordinated and streamlined approach to our operations and we are committed to running our businesses more efficiently, especially in a challenging economic environment. In that regard, we are targeting $5.5 billion of cost savings across the company,” said the CEO.
