Today bloomberg reports That Disney will cut thousands of jobs next week as part of the already announced cuts. This is another step in Disney’s plans to cut 15% of its staff across its entertainment division.
This will include cuts to TV, movies, theme parks and corporate teams across the board. Cut notifications will start coming to employees starting April 24.
The Disney CEO sent a memo to employees last month, according to the company Delivery time, There will be three rounds of reductions, and the second confirmed to be the largest. This week’s tour, as a first, comes just days before Disney’s annual shareholder meeting held on April 3. Iger announced plans to downsize back in February, saying it was the key to achieving $5.5 billion in cost savings. Disney executives worked out details of the new structure over the following weeks.
Iger was included in the memo to all employees, “In challenging moments, we must always do what is required to ensure that Disney continues to deliver exceptional entertainment to audiences and guests around the world—now, and long into the future.”
In total, once all the cuts are made, Disney plans to cut about 7,000 jobs. This is said to be done by not filling vacancies and laying off as many as 5,000 employees.
Some cuts have already begun, with Hulu closing a think tank in China as an example of one of the cuts. according to Delivery time Hulu may see significant staff cuts as part of Disney’s efforts to cut companywide headcount by 7,000 employees. For now though, Hulu’s layoffs haven’t been that big up until this point.
Cord Cutters News will have a full update next week as we learn more about how these layoffs will affect their streaming services.