Disney Doing 3rd Round Of Layoffs – Over 2,500 Losing Their Jobs
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Disney is struggling.
They are in the midst of their 3rd round of layoffs. 2.500 jobs are expected to be cut.
The first two took place in March and April with around 4,000 losing their jobs.
A third wave of expected layoffs is underway at Disney, and employees impacted by the cuts are being notified this week, a source familiar with the situation told CNN.
More than 2,500 staff are expected to lose their jobs across the latest wave of layoffs, the source said, in what is anticipated to be the last significant round of cuts that were previously announced by Disney CEO Bob Iger. It was not immediately known which divisions would be impacted by the latest round of cuts.
A Disney (DIS) spokesperson declined to comment.
The first two waves of layoffs took place in March and April, eliminating roughly 4,000 jobs, including at ESPN, Disney’s entertainment division, Disney Parks, and its Experiences and Product division.
In February, Bob Iger announced that 7,000 people would lose their jobs.
Iger announced the 7,000 job-cut figure back in February, which is part of a reconfiguration project planned to help cut back on about $5.5 billion in costs to the company.
According to CNN, the labor cuts make up 30% of the overall figure, as 50% will be taken from marketing operations and another 20% will come from decreased spending on technology, procurement and other expenses.
“Our new structure is aimed at returning greater authority to our creative leaders and making them accountable for how their content performs financially,” Iger said earlier this year.
Go woke, go broke.
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