New Delhi: Entertainment giant Disney has instructed managers to propose budget cuts and prepare a list of employees to be laid off in the coming weeks. It is unclear whether Disney will start laying off employees in small batches or lay off thousands at once, but the company will announce that at least 4,000 existing employees will be laid off sometime in April, citing sources Business Insider reports.
The planned job cuts were announced ahead of Disney’s annual meeting on April 3. The entertainment giant also announced a reduction in general entertainment aimed at adults and it is considering options for what to do with streaming service Hulu. -Entertainment Show and Disney owned two-thirds and Comcast Corp one-third, the report said. ,Also Read: Tax-Saving Investment Options: Check Out These 5 High Return Schemes,
In February, CEO Bob Iger announced plans to lay off 7,000 employees as Disney tries to save billions of dollars by restructuring the company, cutting content and cutting payroll. ,Also Read: Tax-Saving Investment Options: Check Out These 5 High Return Schemes,
Disney expects to save about $3 billion over the next few years by excluding games.
He said the strategic reorganization would have three major 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 The savings are targeting the company,” the CEO said.