Digital Transformation Slows Down the Global Economy
Aiming 7000 Job Cut-offs, Disney Starts Second Round of Layoff in 2023
By Garvit Vyas , 30 May, 2023
Walt Disney is supposed to lay off thousands of more workers this week as it wants to slash 7000 jobs by the summer 2023. This marks second round of job cuts after a first round that began in March 2023.
According to the reports by the Disney officials, in 2023 it is supposed to eliminate somewhat 4000 jobs. These eliminations are going to occur across the company’s business segments which includes Disney Entertainment, Disney Parks, ESPN, and Experiences and Products. The reports say, the company’s direct-to-consumer division which sheds a whopping $4 billion-plus in the fiscal 2022, this happened after the company spent $33 billion on content in 2022.
Previously, the company has announced that it will slash 7,000 jobs to eliminate $5.5 billion in costs. Disney also went through the first round of layoffs by the end of March 2023 with more job cuts which were expected before the initiation of summer to hit the target. With the layoffs announced in February, Disney thought to disclosed plans to restructure the organization into three core business segments, that is, ESPN, Disney Entertainment and Disney Parks, Experiences and Products.
Disney Direct to Customer Quarterly Results
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