According to sources familiar with the matter, Walt Disney Co. plans to cut thousands of jobs, including approximately 15% of staff in the company’s entertainment division. The job cuts will affect employees in Disney’s TV and film divisions, theme parks, and corporate positions in all regions where Disney operates.
Some affected workers may receive notifications as early as April 24. Earlier in February, Disney announced 7,000 job cuts as part of its cost-cutting measures to save $5.5 billion in annual costs.
Disney Entertainment, which includes the company’s movie and TV production, streaming, and distribution businesses, will be significantly impacted by the job cuts. The restructuring process this year resulted in the creation of Disney Entertainment.
Other major players in the streaming industry, such as NBC Universal, Warner Bros, and Paramount Global, have also reduced their headcount as they shift their focus to online video platforms.
In November, the current Disney CEO Bob Iger returned to lead the company after the removal of another Bob of Disney, Bob Chapek, following a $1.47 billion quarterly loss in the company’s streaming business.
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