Disney begins new round of layoffs, expects to cut 2,500 workers
Disney is beginning a new round of layoffs expected to cost an estimated 2,500 workers their jobs, though employees at Disney theme parks will be spared, according to reports.
The latest cuts mark the entertainment giant’s third wave of layoffs that began in late March. CEO Bob Iger announced during the first round that the company sought to reduce its workforce by about 7,000.
The company expects to save around $5.5 billion from the layoffs. The second wave hit in late April when the total number of fired workers reached 4,000, heavily hitting Disney’s television departments.
The most recent wave is expected to be the last, for now.
The layoffs come during a turbulent period for the entertainment industry as the Writer’s Guild strike enters its fourth week.
The strike has brought new television and film production to a virtual standstill, which has no doubt hurt Disney’s bottom line.
The firings are also more evidence of the popularity of austerity measures at large companies like Disney.
Tech companies of all sizes have been preparing for a possible recession by cutting costs, and workers, since the start of the year.
Both Meta and Amazon have chosen to cut thousands from their workforces.
Disney has also started to remove several titles from Disney+, the company’s popular streaming service.