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From Screen to Stream: Disney Axes Titles and Jobs in Multi-Billion Dollar Cost-Cutting Crusade

  • Walt Disney Co (NYSE: DIS) began a third round of layoffs, likely affecting over 2,500 workers.

  • While Parks and Resorts remain mainly intact, the downsizing this week is not targeting any particular division, Deadline cites familiar sources.

  • The television hit hard in the second round and is primarily spared this time with a small number of layoffs.

  • CEO Bob Iger confirmed in late March, likely to be the last of the significant layoffs at Disney for a while. However, some minor cuts may remain in the next few months.

  • The initial wave began on March 27 when Iger confirmed the plan for three layoffs as the company looks to reduce its workforce by ~7,000.

  • The second and most significant wave, which downsized 4,000 positions, began on April 24.

  • Disney revealed its plans to cut costs by $5.5 billion from layoffs last February. ESPN and Parks, Experiences and Products, the other two corporate divisions, will see staff cuts along with Entertainment. No frontline operational workers at the company’s theme parks would likely lose their jobs.

  • This week, Disney is removing dozens of titles from its streaming platforms to shave costs.

  • Iger began outlining plans for downsizing soon after returning as Disney CEO last November.

  • Price Action: DIS shares traded lower by 1.43% at $90.51 on the last check Tuesday.

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This article From Screen to Stream: Disney Axes Titles and Jobs in Multi-Billion Dollar Cost-Cutting Crusade originally appeared on Benzinga.com

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