Disney Reportedly Initiates Layoffs Affecting Hundreds of White-Collar Workers
Disney is reportedly proceeding with a new round of layoffs as part of a wider cost-saving initiative. As per sources mentioned by Deadline, around 300 employees across Disney's corporate divisions will be affected this week.
The layoffs, which started on Tuesday, will continue until the end of the week. The affected employees are all US-based and work in various corporate operations, including legal, HR, finance, and communications.
A Disney spokesperson stated to Deadline, "We continually evaluate ways to invest in our businesses and more effectively manage our resources and costs to fuel the state-of-the-art creativity and innovation that consumers value and expect from Disney."
The spokesperson further added, "As part of this ongoing optimization work, we have been reviewing the cost structure for our corporate-level functions and have determined there are ways for them to operate more efficiently."
Disney's Recent Layoffs
These cuts follow minor layoffs at Disney Entertainment Television in late July. In 2023, Disney implemented massive cuts, eliminating upwards of 7,000 jobs, or about 3.2% of its global workforce.
Disney's workforce, which peaked at around 220,000 in 2019, has been steadily decreasing, with the latest figure standing at 170,000 by the end of 2023.
Disney's Financial Struggles
The entertainment giant has been losing money through its Disney+ streaming service. Moreover, Disney's movies and TV shows filled with wokeism have not been well-received, as parents have grown weary of this trend.
Additionally, the high cost of theme parks has been a deterrent for many.
Disney's Stock Performance
In the stock market, Disney shares have been fluctuating between $120 and $80 since mid-2022.
The prioritization of woke ideology over entertainment has reportedly led to the downfall of this American institution.
Bottom Line
Disney's recent layoffs and financial struggles highlight the challenges faced by the entertainment industry. The company's decision to prioritize woke ideology over entertainment has been met with criticism and is believed to have contributed to its current predicament. What are your thoughts on this development? Feel free to share this article with your friends and discuss it further. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.
Disney Reportedly Initiates Layoffs Affecting Hundreds of White-Collar Workers
Disney is reportedly proceeding with a new round of layoffs as part of a wider cost-saving initiative. As per sources mentioned by Deadline, around 300 employees across Disney's corporate divisions will be affected this week.
The layoffs, which started on Tuesday, will continue until the end of the week. The affected employees are all US-based and work in various corporate operations, including legal, HR, finance, and communications.
A Disney spokesperson stated to Deadline, "We continually evaluate ways to invest in our businesses and more effectively manage our resources and costs to fuel the state-of-the-art creativity and innovation that consumers value and expect from Disney."
The spokesperson further added, "As part of this ongoing optimization work, we have been reviewing the cost structure for our corporate-level functions and have determined there are ways for them to operate more efficiently."
Disney's Recent Layoffs
These cuts follow minor layoffs at Disney Entertainment Television in late July. In 2023, Disney implemented massive cuts, eliminating upwards of 7,000 jobs, or about 3.2% of its global workforce.
Disney's workforce, which peaked at around 220,000 in 2019, has been steadily decreasing, with the latest figure standing at 170,000 by the end of 2023.
Disney's Financial Struggles
The entertainment giant has been losing money through its Disney+ streaming service. Moreover, Disney's movies and TV shows filled with wokeism have not been well-received, as parents have grown weary of this trend.
Additionally, the high cost of theme parks has been a deterrent for many.
Disney's Stock Performance
In the stock market, Disney shares have been fluctuating between $120 and $80 since mid-2022.
The prioritization of woke ideology over entertainment has reportedly led to the downfall of this American institution.
Bottom Line
Disney's recent layoffs and financial struggles highlight the challenges faced by the entertainment industry. The company's decision to prioritize woke ideology over entertainment has been met with criticism and is believed to have contributed to its current predicament. What are your thoughts on this development? Feel free to share this article with your friends and discuss it further. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.
