The Walt Disney Company is in the middle of being restructured, after Bob Iger announced that $5.5 billion in spending cuts would be coming — including 7,000 layoffs that were previously announced.
Cinderella Castle
We’ve already seen a few rounds of these layoffs happen, but Disney has indicated that more could be on the way. In March, Disney laid off a team of about 50 members on the next-generation storytelling and consumer-experiences unit, effectively squashing the company’s plans to expand into the metaverse. And now, we have another update.
The Walt Disney Company recently held its second-quarter earnings call for fiscal year 2023, and we learned a TON of updates about park revenue, Disney+ subscribers, and more. Disney also shared an update on the $5.5 billion in spending cuts that were previously promised, but we hadn’t learned more about potential layoffs on the horizon. Today, the third round of layoffs began according to Deadline.
©Disney
When the layoffs were first announced, Iger said, “The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here.” He then offered his thanks to those who would be departing the Company.
©MasterClass
The first two rounds of layoffs focused heavily on the entertainment division of the company, both in the parks and on the media side of things. The third round of layoffs seems to affect no particular division of the company. For the most part, Parks and Resorts still remain mostly unscathed. Further, television, which took a massive cut in the last round of layoffs, only received a very small number of layoffs this round.
©PAUL SAKUMA/A.P. PHOTO (Obtained via Vanity Fair)
This is expected to be the final round of significant layoffs with around 700 employees affected, but Disney could always surprise us. Of course, there may also be smaller rounds of layoffs in the future as well.
For more information on the recent Disney layoffs, check out our posts below.
- Huge Project CANCELLED at Disney; 50 Imagineers Laid Off
- How Job Cuts Will Impact Disney (And Who Won’t Be Affected)
- “There Will No Doubt Be Challenges Ahead” — Disney CEO Bob Iger Gives Huge UPDATE on Job Cuts
We’ll be keeping up with more updates from Disney, so stay tuned to DFB for more.
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