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| Disney cuts more jobs as restructuring continues | Disney cuts more jobs as restructuring continues |
| (about 1 hour later) | |
| Walt Disney Co has begun a second round of layoffs as part of an earlier announced restructuring expected to result in 7,000 job losses. | Walt Disney Co has begun a second round of layoffs as part of an earlier announced restructuring expected to result in 7,000 job losses. |
| The media giant has been under pressure as its traditional television and film business shrinks, while its streaming unit continues to post big losses. | The media giant has been under pressure as its traditional television and film business shrinks, while its streaming unit continues to post big losses. |
| Chief executive Bob Iger announced the $5.5bn cost-cutting drive in February. | Chief executive Bob Iger announced the $5.5bn cost-cutting drive in February. |
| This week's cuts are expected to bringing the total number of reductions so far to 4,000. | This week's cuts are expected to bringing the total number of reductions so far to 4,000. |
| The losses will fall across the company, including at sports channel ESPN and film studios. The firm has said frontline workers at the park are not expected to be affected. | The losses will fall across the company, including at sports channel ESPN and film studios. The firm has said frontline workers at the park are not expected to be affected. |
| "The difficult reality of many colleagues and friends leaving Disney is not something we take lightly," Disney officials said. | |
| The redundancies are indicative of a larger retrenching across the entertainment industry, as executives refocus on profits, after years in which many traditional media firms spent heavily to launch streaming platforms and win subscribers. | The redundancies are indicative of a larger retrenching across the entertainment industry, as executives refocus on profits, after years in which many traditional media firms spent heavily to launch streaming platforms and win subscribers. |
| Mr Iger, Disney's longtime boss who returned to the company in November after the ousting of Bob Chapek, has said the firm needed to streamline its business. | Mr Iger, Disney's longtime boss who returned to the company in November after the ousting of Bob Chapek, has said the firm needed to streamline its business. |
| Among other measures, the firm is planning to spend $3bn less on content. | Among other measures, the firm is planning to spend $3bn less on content. |
| The 7,000 in redundancies announced in February amount to about 3% of the 220,000-person workforce the company employed as of 1 October. | The 7,000 in redundancies announced in February amount to about 3% of the 220,000-person workforce the company employed as of 1 October. |
| The firm commenced its job cuts with a first round of notifications to staff at the end of last month. | The firm commenced its job cuts with a first round of notifications to staff at the end of last month. |
| Another "several thousand" people are expected to learn if they are losing their jobs this week, with a third wave of cuts planned for this summer, the company said. | |
| The company, which employs more than 50,000 people outside the US, did not respond to an inquiry about how many of the job cuts would involve international staff. | The company, which employs more than 50,000 people outside the US, did not respond to an inquiry about how many of the job cuts would involve international staff. |
| Related Topics | Related Topics |
| Companies | Companies |
| Unemployment | Unemployment |
| Disney | Disney |