The Walt Disney Company has been facing a challenging period, marking another wave of layoffs that affect multiple segments within the organization. In an ongoing restructuring effort, Disney recently laid off approximately 140 employees in its television division, impacting notable departments like National Geographic, Freeform, locally owned TV stations, and the network’s marketing and publicity teams.
These layoffs come as part of a broader strategy announced by Disney CEO Bob Iger during an earnings call in early 2023. The company plans to slash $5.5 billion in costs, targeting 7,000 job cuts to aid in the restructuring. This latest move affects around 2% of Disney’s workforce, with the most significant cuts hitting National Geographic, shedding 13% of its team members.
Bob Iger has been explicit about this tough decision being part of a larger vision to realign and streamline Disney’s operations. From the cost-cutting measures, 30% would come from job reductions, 50% from marketing budget cuts, and the remaining 20% from tech, procurement, and other overhead expenses. This reorganization is aimed at bolstering the company’s core profit centers and making the streaming business profitable by the end of the fiscal year 2024.
Disney’s decision signals a focused shift towards new priorities in the wake of evolving market demands. With Iger’s leadership, Disney is enforcing measures to tighten expenditures, which also includes policies on password sharing for its streaming services and the introduction of advertising.
As Disney fans and stakeholders, what do you think about these latest developments? Share your thoughts in the comments below, and let’s engage in a conversation about the future of the Walt Disney Company.
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Source: AllEars.Net
