Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. NOTE : Spam and/or promotional messages and comments containing links will be removed.Comments that are written in all caps and contain excessive use of symbols will be removed. Include punctuation and upper and lower cases. Racism, sexism and other forms of discrimination will not be tolerated. Avoid profanity, slander or personal attacks directed at an author or another user. Even negative opinions can be framed positively and diplomatically. Only post material that’s relevant to the topic being discussed.īe respectful. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. "I don’t see where, when there are labor shortages in front-facing guest roles, it would be a good decision to lay off workers where the money train starts for the Walt Disney Co," said Paul Cox, president of the International Alliance of Theatrical Stage Employees Local 631. Officials for two of the unions representing cast members at Walt Disney (NYSE: DIS) World Resorts in Orlando, Florida, said “guest-facing” services were not expected to be affected by the layoffs. Josh D’Amaro, chair of Disney Parks, Experiences and Products, sent a memo to theme parks employees in February warning that the profitable division would experience cuts. “It’s been a long time in the making,” said SVB MoffettNathanson analyst Michael Nathanson, adding that the company first began “to whisper” about the need to take out costs last fall, when Bob Chapek was still Disney’s chief executive. The unit has been without a leader since the exit of Kareem Daniel in November, shortly after Iger returned as the company’s CEO. Many had expected cuts to fall heavily on the Disney Media and Entertainment Division, which was eliminated in a corporate restructuring. "It’s a dark, black box," said one Disney executive who spoke to Reuters last week. One of the first areas targeted for cuts was television production and acquisition departments, resulting in the departure of senior executives, a source confirmed.ĭetails of the layoffs had been closely guarded by the company, though insiders anticipated reductions would happen before Disney's annual shareholder meeting on April 3.Īnxiety has been building within Disney, as rumors swirled about areas of possible cuts. "The difficult reality of many colleagues and friends leaving Disney is not something we take lightly," Iger wrote, noting that many "bring a lifelong passion for Disney" to their work. The Burbank entertainment conglomerate announced in February that it would eliminate 7,000 jobs as part of an effort to save $5.5 billion in costs and make its money-losing streaming business profitable. A second, larger round of job cuts will happen in April, "with several thousand more staff reductions." The final round will start before the beginning of the summer, the letter said. Iger said Disney would begin notifying the first group of employees who are impacted by the workforce reductions over the next four days. Media companies started to rein in spending when Netflix posted its first loss of subscribers in a decade in early 2022, and Wall Street began prioritizing profitability over subscriber growth. The entertainment industry has undergone a retrenchment since its early euphoric embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix Inc (NASDAQ: NFLX). ESPN is not touched by this week's round of cuts, but is anticipated to be included in later rounds. Several major divisions of the company - Disney Entertainment, Disney Parks, Experiences and Products, and corporate - will be impacted, according to a person familiar with the matter. LOS ANGELES (Reuters) -Walt Disney Co on Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more "streamlined" business, according to a letter Chief Executive Bob Iger sent to employees and seen by Reuters. Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close
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