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Disney considering layoff 4,000 employees in April

Disney, the entertainment conglomerate, is reportedly considering laying off at least 4,000 current employees in April, following the elimination of 7,000 jobs in February.

Disney considering layoff 4,000 employees in April

Pakyong, 20 March : Managers have been directed to propose budget cuts and compile lists of employees who will be laid off, though it is not yet clear whether the layoffs will be done in batches or all at once.
The planned job cuts were announced ahead of Disney’s annual meeting on 3 April.

Additionally, Disney has announced a reduction in general entertainment aimed at adults and is considering options for its streaming service Hulu, which is owned two-thirds by Disney and one-third by Comcast Corp.

In February, CEO Bob Iger announced the layoff of 7,000 employees, with the firm looking to save billions of dollars by restructuring, cutting content, and trimming payroll. The company is expecting to deliver approximately $3 billion in savings over the next few years, excluding sports. Under the strategic reorganisation, there will be three core business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences and Products.

According to Business Insider, the CEO of Disney has said that the company’s reorganisation will lead to a more cost-effective, coordinated, and streamlined approach to their operations. Disney is committed to running their businesses more efficiently, especially during a challenging economic environment. As a result, the company is targeting $5.5 billion of cost savings across the company.

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