Disney layoffs: ABC News fires several executives to cut costs

Walt Disney subsidiary ABC News, has reportedly laid off several senior executives on Thursday. This is part of its ongoing restructuring plan to cut costs and streamline operations. The move is a part of Disney's previously announced plan to eliminate 7,000 positions across the company. 

The layoffs have already begun, and they are expected to affect various departments within Disney, including Marvel Entertainment, television production, and next-generation storytelling initiatives.

According to Reuters, ABC News President Kim Godwin announced the downsizing and restructuring plan in a memo to staff. Around 50 jobs will be eliminated over time, including open positions. Godwin acknowledged that the decision was difficult, but it was necessary to ensure the company's sustainable growth in the coming years.

The restructuring has resulted in the departure of senior executives, including Wendy Fisher, senior vice president of news gathering; Galen Gordon, senior vice president of talent; Alison Rudnick, vice president of corporate communications; and David Herndon, executive director, and Los Angeles bureau chief.

Disney Layoffs Timeline

Earlier this week, Disney announced that it will begin a series of layoffs to reduce corporate spending and boost free cash flow. The first of three rounds of cuts will result in about 7,000 job losses. Disney’s media and distribution division, parks and resorts and ESPN will be impacted by the three rounds of layoffs. Disney claims that the job cuts will help the company cut $5.5 billion in costs, including $3 billion in content spend.

Also read: Amid layoffs, this Indian IT company plans to hire 1,000 employees

Also read: Google Layoffs: Some fired employees may get up to Rs 2.60 crore in severance pay