The Telegraph: “Disney” plans to lay off 3% of its power to save $ 5.5 billion

The British newspaper “The Telegraph” reported that the “Walt Disney Company” plans to eliminate 3% of its workforce in a second wave of layoffs, to help save costs amounting to $ 5.5 billion.

And the British newspaper stated, in a report, that “Disney” the entertainment giant has begun a second wave of layoffs, as it is working to cancel 7,000 jobs, which represents 3% of its global workforce of about 220,000 people, and Disney is expected to cancel “several thousand.” One of the roles in the layoffs that will continue until the day after tomorrow, next Thursday.

– The abolition of 4,000 jobs

After the latest round of layoffs, Disney officials said the company has cut a total of 4,000 jobs.

For his part, “Bloomberg” reported that the cuts will affect Disney Entertainment, ESPN, Disney Parks, Experiences and Products, and the recent measures are not expected to have an impact on workers in Disney parks and resorts.

The layoffs began last month and will take effect in three phases, with the final wave expected before the start of summer.

“Senior leadership teams are working hard to define our future organization, and our biggest priority has been getting this right, rather than getting it done quickly,” Disney Entertainment co-presidents Alan Bergman and Dana Walden wrote in a letter to employees.

Plans for a redundancy were announced last February, along with a sweeping reorganization that put the decision back up to Disney’s creative executives.

Reasons for the dismissal decision

The Telegraph said the sacking followed the sudden return of Disney veteran Bob Iger, who replaced ousted chief executive Bob Chapek last November.

The change of leadership occurred less than a year after Iger retired as chairman of the board after more than four decades at Disney, including 15 years as CEO.

And in February, the California-based company revealed that it had lost 2.4 million Disney subscribers in the last three months of 2022, the first-ever drop in subscriber numbers since its launch in 2019.

Disney also reported another $1.1 billion loss in its broadcast division, which was narrower than the $1.5 billion loss recorded in the previous three months.

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