Disney layoffs

 

A new memo sent by Disney CEO Bob Iger confirms that the first of three rounds of layoffs will begin this week.  The company plans to trim around 7,000 jobs, according to Iger, as part of a broader effort to cut $5.5 billion in costs. The layoffs are expected to continue through the summer. The layoffs were first discussed in February; they will impact a diverse cross-section of divisions, including media and distribution, parks and resorts, and ESPN. $3 billion of the $5.5 billion in total cuts proposed by Iger will come from the content side. So far this year, Disney shares are up about 8%, after dropping 44% in 2022.