Business Insider stated that Disney is considering major layoffs and has ordered managers to compile a list.
Sources told that the corporation will cut off at least 4,000 workers in April. In February, the company lay off 7,000 workers to restructure, remove content, and reduce payroll.
Before Disney’s April 3 annual meeting, layoffs were announced.
“The tough choice was reached to save $5.5 billion in costs while make its streaming business viable,” it stated.
This reorganization will make our operations more cost-effective, integrated, and simplified, especially in a tough economy. “We want to save $5.5 billion throughout the corporation,” stated CEO Bob Iger.
According to the article, the entertainment giant also revealed a cut in adult general entertainment and that it is pondering what to do with Hulu, a streaming service owned two-thirds by Disney and one-third by Comcast Corp.
The Walt Disney Corporation announced that it would commemorate its 100th anniversary on Oct. 16, 2023, with a special Super Bowl LVII ad highlighting its storytelling and inventiveness.
Disney has laid off workers as part of a restructure due to slow subscriber growth and increased streaming competition.