Disney poised to cut thousands of jobs next week
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The cuts will span TV, film, theme parks and corporate positions, and affect every region where Disney operates.
PHOTO: REUTERS
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NEW YORK – Disney plans another big round of job cuts next week, eliminating thousands of positions, including about 15 per cent of the staff in its entertainment division, people familiar with the matter said.
The cuts will span television, film, theme parks and corporate positions, and affect every region where Disney operates, said the people, who asked not to be identified because the details are not public.
Some affected workers will be notified as early as next Monday.
The company did not respond to requests for comment.
Disney said in February it planned to eliminate 7,000 positions from its workforce
The cuts are coming across the company, the people said, including at Disney Entertainment, which was created in a restructuring in 2023 as home to the company’s film and TV production and distribution businesses, including streaming.
As part of that restructuring, chief executive Bob Iger moved to restore authority to creative executives. He elevated key lieutenants, including co-chairmen of Disney Entertainment Alan Bergman and Dana Walden.
As part of that effort, the company is paring its commitment to general entertainment, focusing more on franchise properties and well-recognised brands. As a result, the entertainment division will be a focus of the cuts.
Every major media company, including Comcast’s NBCUniversal, Warner Bros Discovery and Paramount Global, is trimming its headcount as Wall Street’s attention shifts from subscriber growth in streaming to the high cost of operating online video platforms.
In November, Mr Iger returned to lead Disney after a US$1.47 billion quarterly loss in the company’s streaming business precipitated the ouster of his hand-picked successor Bob Chapek. BLOOMBERG
