Disney has begun laying off its employees throughout its many divisions. The media giant plans on cutting employment for several thousand workers across the company. The job cuts will be felt by ESPN, Disney Parks, the company’s entertainment division, and its Experiences and Product division.
Disney Layoffs
The company’s chief executive, Bob Iger, plans on saving the corporation $5.5 billion in costs. This week’s job cuts are expected to take place today through Thursday and affect employees from coast to coast, stated the company. However, the company does not expect the layoffs to affect hourly frontline employees at Disney’s theme parks and resorts.
Last month, the media giant began terminating employees as part of Iger’s plan of eliminating 7,000 positions to help his efforts to save money. After this week’s round of layoffs, the company will have fired 4,000 people. Before the beginning of summer, Disney will have its third and final wave of layoffs, ending with it reaching Iger’s goal.
Previously
In October 2022, the company had roughly 220,000 employees. Of those, about 166,000 were employed in the U.S. The 7,000 layoffs represent roughly 3% of Disney’s global workforce.
Iger returned to the media giant in November of last year. Shortly aftward the board fired Bob Chapek as its leader.
In February 2023, Iger disclosed a plan to streamline the company’s business. During that time, Wall Street was applying pressure on Disney to show profitability pathways for its costly streaming services.
One Person
One of the people cut during this wave of layoffs was Mike Soltys, the vice president of ESPN’s corporate communications division. He had been with the company for 43 years. John Ourand posted about Soltys being cut. Adding “This is a huge loss for ESPN.”
Soltys shared that tweet with the caption: “My final statement as ESPN Spokesperson: “43 Amazing Years. Wow. We wish him well.”
By Sheena Robertson
Sources:
Los Angeles Times: Disney begins second round of layoffs. Staff reductions to reach 4,000 this week
Yahoo!: ESPN Corporate Comms VP Mike Soltys Cut After 43 Years in Disney Layoffs
CNN: Disney begins largest wave of layoffs, targeting thousands at ESPN, Parks, and other divisions
Top and Featured Image Courtesy of Josh Hallett‘s Flickr Page – Creative Commons License
Inset Image Courtesy of Josh Hallett‘s Flickr Page – Creative Commons License
