Disney Plans to Cut 7,000 Jobs Amid Restructuring

The Walt Disney Co. is planning to cut approximately 7,000 jobs, including laying off about 4,000 employees, according to a report by Business Insider. These job cuts were announced by Chief Executive Officer Bob Iger during the company’s first-quarter investors call last month. Iger said that the decision was a “necessary step to address the challenges we face today,” but he did not make the decision lightly.

Disney managers have reportedly been asked to create lists of layoff candidates by April, and the rest of the job cuts will come from eliminating 3,000 open positions. It remains unclear whether any jobs in Florida will be affected by the cuts. Disney has not yet responded to Spectrum News 13’s request for comment.

Some layoffs are expected to occur in the Disney Parks, Experiences and Products division. However, it is unlikely that the cuts will affect frontline workers at Disney’s theme parks, according to an email sent by Disney Parks Chairman Josh D’Amaro to employees in February. He explained that these cost-saving measures are vital as the company implements more cost-effective, coordinated, and streamlined operations.

Disney’s cost-cutting measures are part of a larger restructuring effort that seeks to reduce costs by approximately $5.5 billion. This restructuring has divided the company into three business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences and Products. Despite the job cuts, Disney is still expected to invest heavily in new content and technology as it continues to adapt to changing consumer preferences and the impact of the COVID-19 pandemic.