Disney is initiating the second and largest round of its planned layoffs Monday and expects to reach 4,000 of its projected 7,000 staff cuts by Thursday. A staff memo from Disney Entertainment Co-C…
The company said last February it expects to realize $5.5 billion in cost savings as a result of the layoffs and other austerity measures. ESPN and Parks, Experiences and Products, the other two corporate divisions, will see staff cuts along with Entertainment. No frontline operational workers at the company’s theme parks are expected to lose their jobs, however.began outlining plans for downsizing soon after returning to the top job last November.
Like its peers in the media business, Disney is contending with secular decline in its lucrative pay-TV business at the same time it is trying to continue funding its streaming efforts despite their still-murky economics. In the most recent quarter, the company booked a $1 billion loss in streaming, despite record-setting revenue of $5.3 billion. The loss was an improvement over the previous quarter, which saw a $1.5 billion red figure.
These are hard decisions and not ones we take lightly – but every decision has been made with considerable thought, and we are doing everything we can to make sure this process is conducted with respect and compassion. The senior leadership teams have been working diligently to define our future organization, and our biggest priority has been getting this right, rather than getting it done fast.
This is a time of transition for Disney, and these changes affect everyone, whether or not your role is impacted. We are committed to supporting you through this period and encourage you to reach out to your leader or HR partner with any questions or for guidance, as needed. While we are confident that these efforts will better position us for the future, we realize this all takes a toll. We want to acknowledge the impact of this moment and simply reiterate our appreciation for all of you and the passion and dedication you’ve brought to the work we do every day. And for those who will be leaving the company, please know that your contributions are valued and appreciated – you have all played a meaningful role in making Disney what it is today.
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