No end to layoff bloodbath! Thousands of employees are losing their jobs in this company again – details

20/04/2023 huda Jobs 0

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2023 Layoffs: Some affected workers will be notified about the job cuts as early as April 24. However, the company refused to comment on the matter. Every major media company, including Comcast Corp.’s NBCUniversal and Warner Bros. Discovery Inc. and Paramount Global, cutting staff as Wall Street’s attention shifted from broadcast subscriber growth to the high cost of operating online video platforms.

Updated April 19, 2023 | 12:50 PM IST

In February, Burbank Entertainment announced it would cut 7,000 jobs (File Photo)

Image: iStock

Disney layoffs 2023: After announcing 7,000 job cuts, The Walt Disney Company. (DIS.N) plans to lay off thousands of its employees next week, including about 15 percent of the employees in its entertainment division, Bloomberg reported, citing people familiar with the matter.
The people, who asked not to be identified because details are not public, said the layoffs will affect employees working in television, movies, theme parks, corporate locations and every area where Disney operates.

Some of the affected workers will be notified about the job cuts as early as April 24. However, the company declined to comment on the matter, Bloomberg reported.

The Walt Disney Company announced the layoffs of 7,000 employees in February

In February, entertainment group Burbank announced it would cut 7,000 jobs as part of an effort to save $5.5 billion in costs and make its loss-making streaming business profitable.

Reuters quoted a person familiar with the matter as saying that many of the company’s main divisions – Disney Entertainment, Disney Parks, Experiences, Products and Companies – will be affected.

Disney CEO Bob Iger said the job cuts are taking place as Disney looks to save billions of dollars by restructuring the company, trimming content and trimming salaries.

As part of that restructuring, Iger moved to return power to the creative executives. Bloomberg reported that he has promoted key associates including Alan Bergman and Dana Walden, the co-presidents of Disney Entertainment.

As part of this effort, the company is lessening its commitment to general entertainment, and focusing more on franchise properties and well-known brands. As a result, the entertainment division will be the focus of the cuts.

Every major media company, including Comcast Corp.’s NBCUniversal and Warner Bros. Discovery Inc. and Paramount Global, cutting staff as Wall Street’s attention shifted from broadcast subscriber growth to the high cost of operating online video platforms.