What happens to Disney, all the upcoming layoffs
New layoffs in the next few hours: by the end of the week the CEO, Bob Iger, should slam the doors of Disney's fairytale castle in the face of 4,000 employees
At the end of March, Disney CEO Bob Iger announced what everyone expected, namely that the Group would soon begin the first of three rounds of layoffs that will affect a total of 7,000 employees over the course of the year. entertainment giant.
Now, according to rumors reported by Variety , Disney is about to start another round of layoffs, bigger than the previous one. Approximately 4,000 employees will remain outside the doors of the fairy-tale castle this week. The cuts are planned for the Disney Entertainment, ESPN, and Disney Parks, Experiences and Products divisions.
DISNEY LAYOUT SEASON
Worldwide, according to data taken from CNN , Disney employs 220 thousand people (the figure is from October 2022). This layoff plan will therefore hit 3% and will concern various sectors of Big Tech: Disney distribution, amusement parks and even ESPN. The cuts will also have an impact on the production of original content: the company has announced its intention to cut over $5 billion in costs, which includes $3 billion for the creative part.
The news is not surprising and not only because Big Tech has been implementing massive restructuring plans to reduce costs for months, but also because Disney had been forced to proceed with layoffs already in the difficult season of the lockdowns that had stopped its amusement parks. entertainment.
THE RETURN OF BOB IGER, MR SPENDING REVIEW
Not only that: the return to the top of the 71-year-old Bob Iger in the middle of the autumn following the resignation of Bob Chapek had been determined by the attempt to revive the fortunes of the US multinational . "The board of directors – the words expressed at the appointment of Iger – has decided that, facing an increasingly complex period of transformation of the industry, Bob Iger is uniquely suited to lead the company during this delicate moment".
“This reorganization will lead to a more cost-effective, coordinated and streamlined approach to our operations,” Iger explained during a finance meeting in February. “We are committed to running our businesses more efficiently, especially in a challenging economic environment. In that regard, we're targeting $5.5 billion in cost savings across the enterprise. First, non-content cost reductions totaling approximately $2.5 billion adjusted for inflation. To achieve this goal, we will reduce our workforce by approximately 7,000. This is necessary to meet the challenges we are facing today. I don't take this decision lightly. I have tremendous respect and appreciation for the talent and dedication of our employees around the world. I am aware of the personal impact of these changes”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/licenziamenti-disney/ on Fri, 28 Apr 2023 05:37:07 +0000.