During the Q1 earnings call the Walt Disney Company’s CEO Bob Iger announced that there would be 7,000 job cuts coming to Disney. About 4,000 would be current jobs while 3,000 cuts would be for jobs that are currently empty or were planned. We were hearing that the cuts would start in April, but now some layoffs could happen sooner.
Previously I speculated that I thought the cuts would be announced around the time of the April 3 shareholder meeting since the original reports indicated they were asking managers to submit layoff candidates in April. Now according to Deadline those cuts could start sooner and lead up to the meeting and
Deadline says their insiders have told them that the rounds of layoffs will begin at the end of March with a large round in late April.
“The first one is being targeted for late March, likely next week, we hear. (March 30 or March 31 have been floated as possible dates, but that has not been confirmed.) According to sources, there will be a big wave in late April, described as “the big one” or a “bloodbath,” when a large portion of the cuts are expected to come.”
Who are the employees at risk?
Hourly employees are not expected to take a hit, Disney is desperately trying to find and keep employees at the theme parks. The cuts are likely to impact ESPN, Entertainment, and Parks, Experiences and Products. Some positions in marketing and distribution from the now-disbanded Disney Media and Entertainment likely be included as well.
Another round of layoffs may also happen in-between late March and late April, but the big “wave” is likely going to be in late April. We will likely learn more at the shareholder meeting on April 3.
Disney is aiming to cut $5.5 billion from their bottom line. The layoffs are just one part of the cost-cutting measures.
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