ESPN is set to begin layoffs next week as part of Disney's strategy to cut 7,000 jobs and save $5.5B in costs.
The layoffs will include on-air talent.
- The job cut process is being implemented in three rounds.
- Disney's first
round of layoffs happened in March, with the company letting go of
employees in its metaverse division and staff members in its Beijing
office.
- The job cuts come at a time when ESPN is looking to
renew its deal with the NBA, a deal that will likely cost the company
considerably more than the $1.4B it currently pays annually.
- Disney has gone through meaningful changes recently as its former CEO, Bob Iger, returned to the company's helm only two years after resigning.
- Iger
has stated that his second stint as CEO will last until 2025 and is
primarily meant to help the company transition to a new CEO.
- The company has been impacted by inflation, COVID-19's impact on movie theatres and recreational parks, and a disagreement with Florida Gov. Ron DeSantis.
