Disney managers asked to identify layoff candidates, 4K job cuts expected by April: report

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After announcing plans to eliminate nearly 7,000 jobs, Disney is reportedly Instructing managers to propose budget cuts and prepare a list of employees to be laid off the coming weeks.

It’s unclear whether Disney will begin the layoffs small waves or cut thousands of employees all at once, but the company will announce that at least 4,000 existing employees will be out of work sometime in April. according to business insider,

The payroll cuts were announced by CEO Bob Iger during the company’s first-quarter earnings call February, as Disney seeks to save billions of dollars by restructuring the company, cutting content and trimming payroll.

Disney did not immediately respond to a request for comment.

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A screen on the floor of the New York Stock Exchange (NYSE) New York on December 14, 2017 shows the logo and a ticker symbol for The Walt Disney Company.

Disney CEO Robert Iger

Disney CEO Robert Iger during the 2020 Oscar Nominees Luncheon at the Dolby Theater Hollywood on January 27, 2020.

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According to Disney chief financial officer Christine McCarthy, the overhaul is expected to save $5.5 billion, with $1.5 billion in operating cost cuts and $3 billion in non-game content cuts.

entertainment giants It also said it would revert to general entertainment aimed at adults, and is evaluating options on what to do with Hulu, the streaming that specializes in general-entertainment shows and is two-thirds owned by Disney. is one-third owned by Comcast Corp.

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Amsterdam, The Netherlands, 02/03/2020, Disney+ startscreen on a mobile phone. Disney+ online video content streaming subscription service. Disney Plus, Star Wars, Marvel, Pixar, National Geographic.

Under the terms of Disney’s purchase of its share of Hulu in 2019, either party has the right to force a sale of the company as early as next year.

The planned job cuts were announced ahead of Disney’s annual meeting on April 3. On Thursday, activist shareholder National Legal and Policy Center called on to oppose the entire slate of nominees for the board of directors at the meeting, arguing they are “carriers.” Who presided over the entertainment giant’s worst year since the 1970s.”

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The group accused the company of losing by damaging its brand “with the pursuit of a far-left political agenda”, adding that the company needed to “raise awareness” to recover its reputation as a family-friendly company. need to leave. He pointed to Disney’s opposition to Florida’s parental rights in education law, the misleadingly labeled “don’t say gay” bill by opponents, and the pushback from it. Florida Govt. Ron DeSantis As of poor decisions involving that harmed the company.

Fox Business’ Robbie Whelan contributed to this report.