Disney Laid Off 7000 Employees

Disney Laid Off 7000 Employees – Reportedly, the Walt Disney Company has terminated the employment of 7,000 individuals, a goal that CEO Bob Iger aimed to achieve since February. According to Variety, a third round of layoffs was announced on Friday, primarily affecting the media department, with minimal impact on the park resorts. 

A source familiar with the matter informed Variety that Disney intends to continue reducing jobs overseas in the coming times. However, this round of cuts, under Iger’s leadership after returning as CEO following Bob Chapek’s departure in November, is purportedly the final phase.

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According to Variety, on March 27, employees were initially laid off as part of Bob Iger’s cost reduction efforts, aiming to cut $5.5 billion upon his return as CEO. Iger had previously held the position from 2005 to 2020. Disney underwent another round of layoffs during the week of April 24, resulting in a total of 4,000 job cuts.

Variety reports that the 7,000 individuals laid off represent 3.2% of Disney’s global workforce, which amounted to 220,000 employees as of October 1, 2022. Additionally, Disney’s Chief Financial Officer, Christine McCarthy, informed analysts in February, as cited by Variety, that the total savings from these layoffs, including non-content costs and labor cuts, would amount to $2.5 billion.

When announcing the projected layoffs, 72-year-old Iger expressed his deep respect and gratitude for the commitment of Disney’s employees worldwide. Regarding content costs, he emphasized the need to thoroughly evaluate all productions in the general entertainment sector due to the rising expenses in an increasingly competitive landscape.

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