Employees affected by the reductions are receiving notices this week, A third wave of anticipated layoffs is currently occurring at Disney.
The most recent wave of layoffs, which is probably going to be the last significant round of staff cutbacks, will result in the loss of more than 2,500 workers, the source claims.
Disney Continues Layoffs
This was previously predicted by Disney CEO Bob Iger.
Which departments would be affected by the most recent round of downsizing was not immediately clear.
A spokeswoman for Disney (DIS) declined to comment.
Almost 4,000 positions were lost in the first two waves of layoffs in March and April, including those at ESPN, Disney’s entertainment division, Disney Parks, and its Experiences and Product division.
In order to save $5.5 billion in expenditures, Iger stated in February that the media behemoth would let off around 7,000 workers from its global staff in three waves before the start of the summer.
The business informed staff that a third round of layoffs was anticipated before the start of the summer.
Additionally, a number of lesser cuts are reportedly anticipated in the upcoming months.
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Titles Removed as Company Implements Cost-Cutting Measures
In order to save money, it has been eliminating dozens of films from its streaming services.
After Iger’s return in November following his retirement from the same role in 2020, the corporation has been adjusting to new leadership.
His appointment was brought on by a sharp decline in the company’s stock price, which started when its streaming division posted $1.5 billion in losses for the three months ended October 1.
In an effort to reduce costs, he announced in February the biggest restructuring since his return: $3 billion from content, excluding sports, and the remaining $2.5 billion from non-content.
Disney has had a difficult time since the pandemic began, but it made massive profits in the first three months of this year.
In comparison to the first quarter of 2022, its revenue increased by 8% to $23.5 billion, and its profit improved by 1% to $1.3 billion.
Yet, the price of its shares has decreased by 7.9% so far this month and is now at $91.57 per share.
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