New Delhi: Disney is currently undergoing its third round of job cuts, resulting in significant losses for its employees. Over 2,500 staff members are expected to be affected by these layoffs, which were announced by Disney CEO Bob Iger. While the specific divisions impacted have not been disclosed, it is anticipated that this third wave of job cuts will be completed by the end of this week, bringing the total number of job losses to over 6,500. This is approaching the previously announced target of 7,000 reductions.
It is worth noting that as of October 1, Disney had a global workforce of 220,000 individuals. Therefore, the planned reduction of 7,000 employees represents approximately 3 percent of the company’s overall workforce.
The first two waves of job cuts occurred in March and April, resulting in the elimination of around 4,000 positions. These cuts affected various sectors within the company, including ESPN, Disney’s entertainment division, as well as Disney Parks and its Experiences and Product division.
The decision to implement these layoffs was originally announced by CEO Bob Iger in February. The media conglomerate aimed to reduce its global workforce by about 7,000 employees through a series of three waves before the start of summer. The primary goal behind these measures was to achieve a cost-saving target of $5.5 billion.
The current round of layoffs accounts for 30 percent of this target, with 50 percent of the savings expected to come from marketing operations and the remaining 20 percent from reduced spending on technology, procurement, and other expenses.
