Disney plans layoffs for thousands next week, report says
Walt Disney Co. announced it would trim its payroll by some 7,000 jobs in February
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Walt Disney Co. reportedly plans to slash thousands of jobs next week.
Bloomberg, citing people familiar with the plans said the company would cut about 15% of the staff in its entertainment division.
The cuts will include those in TV, film, theme parks and on corporate teams, in every region where Disney operates.
Disney Entertainment, a unit created in a restructuring this year, would also be impacted, the report said.
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Walt Disney Studios in Burbank, California, on Thursday, Feb. 9, 2023. (Photographer: Eric Thayer/Bloomberg via Getty Images / Getty Images)
Some workers will be notified as early as Monday.
In February, the company announced it was trimming its payroll by some 7,000 employees. The news was disclosed in its earnings report.
The move was part of major restructuring aimed at saving the company billions and was announced by CEO Bob Iger during the first-quarter earnings call.
Bob Iger attends a basketball game between the Los Angeles Clippers and the Phoenix Suns at Crypto.com Arena on April 20, 2023, in Los Angeles. (Allen Berezovsky/Getty Images / Getty Images)
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Disney said then that it plans to save $5.5 billion in its overhaul, cutting $1.5 billion in operating costs and another $3 billion from reductions in non-sports content — including the job cuts.
Disney has been one of many major media companies to announce layoffs in recent months follow the actions of Wall Street and tech giants.
The ABC building at Walt Disney Studios in Burbank, California, on Feb. 9, 2023. (Eric Thayer/Bloomberg via Getty Images / Getty Images)
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Walt Disney Co. did not immediately respond to Fox Business Digital's request for comment.
FOX Business' Breck Dumas and Reuters contributed to this report.