Disney layoffs: Third wave of job cuts begins, expected to impact 2,500 employees
With the ongoing third wave of layoffs set to conclude this week, the total number of job cuts is anticipated to surpass 6,500
- May 23, 2023,
- Updated May 23, 2023 11:12 AM IST
In a recent development, Disney is reportedly undergoing a third wave of layoffs, resulting in significant job losses for its workforce. According to a report by CNN, more than 2,500 staff members are expected to be affected by this latest round of cuts, which marks the culmination of the previously announced reductions by Disney CEO Bob Iger. The specifics regarding the divisions impacted by these layoffs have not yet been disclosed.
With the ongoing third wave of layoffs set to conclude this week, the total number of job cuts is anticipated to surpass 6,500, edging closer to the previously announced figure of 7,000 reductions. It is worth noting that as of October 1, Disney employed 220,000 individuals globally. Therefore, the 7,000-person reduction represents roughly 3 per cent of the company's overall workforce.
The first two waves of job cuts occurred in March and April, resulting in the elimination of approximately 4,000 positions. Notably, these cuts affected various sectors of the company, including ESPN, Disney's entertainment division, as well as Disney Parks and its Experiences and Product division.
The decision to implement these layoffs was initially revealed by Iger in February, with the media conglomerate aiming to reduce its global workforce by approximately 7,000 employees through a series of three waves before the onset of summer. The purpose behind these measures was to achieve a cost-saving goal of $5.5 billion. The current wave of layoffs accounts for 30 per cent of this target, while marketing operations contribute to 50 per cent of the savings, and the remaining 20 per cent results from reduced spending on technology, procurement, and other expenses.
Also read: Disney layoffs: Second round of job cuts impact thousands of employees
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In a recent development, Disney is reportedly undergoing a third wave of layoffs, resulting in significant job losses for its workforce. According to a report by CNN, more than 2,500 staff members are expected to be affected by this latest round of cuts, which marks the culmination of the previously announced reductions by Disney CEO Bob Iger. The specifics regarding the divisions impacted by these layoffs have not yet been disclosed.
With the ongoing third wave of layoffs set to conclude this week, the total number of job cuts is anticipated to surpass 6,500, edging closer to the previously announced figure of 7,000 reductions. It is worth noting that as of October 1, Disney employed 220,000 individuals globally. Therefore, the 7,000-person reduction represents roughly 3 per cent of the company's overall workforce.
The first two waves of job cuts occurred in March and April, resulting in the elimination of approximately 4,000 positions. Notably, these cuts affected various sectors of the company, including ESPN, Disney's entertainment division, as well as Disney Parks and its Experiences and Product division.
The decision to implement these layoffs was initially revealed by Iger in February, with the media conglomerate aiming to reduce its global workforce by approximately 7,000 employees through a series of three waves before the onset of summer. The purpose behind these measures was to achieve a cost-saving goal of $5.5 billion. The current wave of layoffs accounts for 30 per cent of this target, while marketing operations contribute to 50 per cent of the savings, and the remaining 20 per cent results from reduced spending on technology, procurement, and other expenses.
Also read: Disney layoffs: Second round of job cuts impact thousands of employees
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine