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Disney launches final batch of layoffs with 2,500 jobs on the line
https://www.whatjobs.com/news/usa/us-business-news/disney-launches-final-batch-of-layoffs-with-2500-jobs-on-the-line
By Nithya Bose in US business news, posted May 23, 2023
Disney has reportedly begun its third wave of layoffs, with more than 2,500 employees expected to lose their jobs.
Those impacted are being notified this week, marking the planned final significant round of cuts announced by Disney CEO Bob Iger.
The divisions affected by this latest round of layoffs have not been disclosed.
Read More: Disney starts second round of layoffs in $5.5 billion cost-cutting plan
The first two layoffs occurred in March and April, eliminating approximately 4,000 positions.
It hit divisions such as ESPN, Disney's entertainment division, Disney Parks, and its Experiences and Product division.
In February, Iger revealed the company's plans to reduce its global workforce by about 7,000 in three waves before summer.
Through the downsizing, Disney aims to achieve cost savings of $5.5 billion.
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Staff cuts account for 30 percent of this target, with marketing operations making up another 50 percent.
However, the remaining 20 percent is attributed to reduced spending on technology, procurement, and other expenses.
With the current wave of layoffs, the total number of job losses is expected to exceed 6,500, nearing the previously announced figure 7,000 by Iger.
As of October 1, Disney had 220,000 headcounts, reducing about 3 percent of its global workforce.
Disney declined to comment on the latest developments.
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