Disney to reportedly cut ‘thousands’ of jobs in second layoffs wave
Disney will reportedly lay off “thousands” of employees next week in the second wave of an ongoing bloodbath that is expected to result in 7,000 job cuts.
Some of the impacted Disney workers will receive their pink slips as soon as April 24, Bloomberg reported, citing people familiar with the company’s plans.
The layoffs are expected to hit jobs across Disney’s global business, which was reorganized into three segments in February – one called “Disney Entertainment” that includes its film, TV and streaming assets, one for sports media giant ESPN and one for the Mouse House’s theme parks and experiences.
Disney Entertainment will bear a significant chunk of the job cuts – with approximately 15% of the division’s staffers set to exit next week, according to the report.
Disney has more than 200,000 employees across its various businesses.
ESPN will also slash staff levels as part of next week’s wave of layoffs, according to a separate CNBC report.
Sources told the outlet that the cuts would include some on-air talent and management, but the exact number of ESPN workers set to exit was still unclear.
The latest round will follow an initial set of layoffs that occurred in late March.
Notoriously outspoken Marvel Entertainment chairman Isaac “Ike” Perlmutter was among the casualties in the first wave of layoffs.
Perlmutter was ousted after an unsuccessful effort to shake up Disney’s board of directors, though he remains a major shareholder.
In an interview with Time, Iger described Perlmutter’s dismissal as “a necessary step in the direction of us creating a more efficient company.”
Last month, Disney CEO Bob Iger detailed the company’s plan for three waves of layoffs as part of a plan to shave $5.5 billion in costs.
The entertainment giant had faced pressure from shareholders to trim its budget following a stock slump under Iger’s predecessor, former CEO Bob Chapek.
Of the $5.5 billion in savings, about $3 billion is tied to spending cuts on non-sports content, while $2.5 billion is linked to reductions to operational costs.
At the time, Iger acknowledged a “second, larger round of notifications” would be sent out to employees in April and consist of “several thousand more staff reductions.”
The Disney boss said a third and final wave would occur “before the beginning of the summer to reach our 7,000-job target.”
“For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward,” Iger said in the memo.
Iger described the layoffs as an “important cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business.”
Shares of Disney fell nearly 2% in trading Wednesday.
The Post has reached out to Disney for comment.
Disney’s job cuts are set to unfold as the entertainment giant engages in an ongoing feud with Florida Gov. Ron DeSantis over the company’s operations in Florida.
This week, DeSantis said Florida’s GOP-controlled legislature would move to void an eleventh-hour development deal that undercut the governor’s move to put a state-appointed board in charge of Disney’s special tax district.
