Disney will slash thousands of staff NEXT WEEK – including 15% of its entertainment division – as firm seeks to ax 7,000 of its 220,000 global workforce amid ongoing clash with Florida Gov. Ron DeSantisD
Disney will cut thousands of employees among its 220,000 global workforce.
The changes will see 15% of its entertainment division culled in coming weeks.
It comes as Florida governor DeSantis is ramping up his war with the company,‘according to DailyMail.
Disney has around 220,000 employees globally, around 170,000 of which are in the US.
The layoffs will affect all major divisions of the roughly $185 billion company, which was recently split into: entertainment, ESPN and parks and resorts.
Some employees are expected to be notified of the cuts as soon as April 24, according to Bloomberg, which spoke with company insiders.
They will have considerable impact on Disney Entertainment, which houses the company’s streaming and film and TV operations.
ESPN, which came under Disney’s ownership in 1995, is one of the smallest divisions in the company with only around 5,000 employees worldwide as of 2023, according to its own website.
Disney has been adapting to new leadership since former CEO Bob Iger returned in November after retiring from the same position in 2020.
His appointment was prompted by a plummeting share price, onset after its streaming division incurred $1.5 billion losses in the quarter ending October 1.
In February he announced the biggest shake up since his return in a bid to cut costs – $3 billion from content, excluding sports, and the remaining $2.5 billion from non-content.
Under his new leadership, a restructuring has seen him restore authority to a number of creative executives – including top lieutenants Dana Walden and Alan Bergman, who are both considered to be contenders for his CEO position within the next two years.
ESPN Chairman Jimmy Pitaro will lead that segment and Josh D’maro will remain in control of Disney parks.