Disney to cut thousands of jobs this week, reports say
Disney will cut thousands of jobs this week, taking the total number of layoffs to 4,000, according to media reports.
Disney first announced it would start axing jobs in February as part of a $5.5bn (£4.54bn) cost-cutting drive under chief executive, Bob Iger.
Iger – who returned as Disney’s chief in November following the tumultuous tenure of his successor, Bob Chapek – announced Disney would cut 7,000 jobs as part of a “significant transformation.”
As of 1 October, Disney employed 220,000 people, of which about 166,000 were based in the US.
The latest round of layoffs will affect teams across Disney Entertainment, ESPN and theme parks, and represent three per cent of Disney’s total workforce as of 1 October, reports said.
Disney was approached for comment by City PM but did not immediately respond.
Disney’s move comes as the latest in a wave of layoffs impacting tech and media companies. Last week, BuzzFeed announced it would shutter its news operation and reduce its workforce by 15 per cent.