After eliminating 7,000 jobs in February, entertainment conglomerate Disney is now looking to lay off at least 4,000 existing employees in April. business Insider,
To this end, the firm has instructed managers to propose budget cuts and compile staff lists in the coming weeks, added the report citing sources.
However, it is still not clear whether the layoffs will be done in batches or in one go. The planned job cuts were announced ahead of Disney’s annual meeting on April 3.
In addition, Disney has also announced that general entertainment aimed at adults will be scaled back and options are being considered on what to do with the streaming service Hulu. The streaming service specializes in entertainment shows and is two-thirds owned by Disney and one-third by Comcast Corp.
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Earlier in February, Disney CEO Bob Iger announced plans to lay off 7,000 employees, with the firm looking to save billions of dollars by restructuring, cutting content and trimming payroll.
Excluding sports, the firm is expecting savings of around $3 billion over the next few years.
According to Iger, under the strategic reorganization, there will be three main business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.
“This restructuring will result in a more cost-effective, coordinated and streamlined approach to our operations, and we remain committed to running our businesses more efficiently, especially in a challenging economic environment. In this regard, we expect a $5.5 billion cost savings across the company,” BI quoted the CEO as saying.
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