Disney Begins Laying Off 7,000 Staff To Cut Costs

Category: Entertainment News

Several major divisions of the company — Disney Entertainment, Disney Parks, Experiences and Products, and the company’s corporate arm — will be impacted, according to a person familiar with the matter.

The entertainment industry has undergone a period of cutbacks since its early enthusiastic embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix.

They started to rein in spending when Netflix posted its first loss of subscribers in a decade in early 2022, and Wall Street began prioritizing profitability over subscriber growth.

Mr Iger said Disney would begin notifying the first group of employees who are impacted by the workforce reductions over the next four days.

A second, larger round of job cuts will happen in April, “with several thousand more staff reductions”, he said, while the final round will start before the beginning of the northern hemisphere summer.