The cuts to Disney’s global workforce are part of a multibillion-dollar cost-cutting initiative aimed at streamlining the company’s operations in a period of media industry turmoil.
are part of a multibillion-dollar cost-cutting initiative aimed at streamlining the company’s operations in a period of media industry turmoil.
In a memo to staff obtained by CNN, Iger said the layoffs would come in three waves. The first round will begin this week, and managers will soon start to notify affected employees. A second, larger round of layoffs will take place in April, Iger said, with several thousand staffers let go. A third round of layoffs will then occur “before the beginning of the summer” to reach the company’s planned goal of eliminating 7,000 jobs.
“The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,” Iger said in the memo. “In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world — now, and long into the future.”
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