Walt Disney to begin laying off thousands of people

Disney officials said the company will cut "several thousand" jobs this week, bringing the total number of employees eliminated to 4,000.

Photo: AP

The cuts will take place across multiple business segments of the company, including Disney Entertainment, ESPN and Disney Parks, but are not expected to affect workers directly employed at the parks and resorts, according to sources.

“Our senior leadership teams have been working hard to define the future of the organization and our highest priority is to get it right, rather than get it done quickly,” Disney Entertainment co-chairs Alan Bergman and Dana Walden wrote in a memo to employees.

Disney announced the layoffs in February, along with a restructuring of its operations. Disney's goal is to create a more streamlined approach to its business.

The entertainment industry has stagnated since the rise of streaming platforms. Legacy media companies have lost billions of dollars competing with Netflix.

Media companies began to curb spending after Netflix reported its first subscriber loss in a decade in early 2022 and The Wall Street Journal began prioritizing profits over subscriber growth.

On March 27, Disney began notifying affected employees of the workforce reductions and said a second, larger round of cuts would take place in April. A third round of cuts is expected before the summer.

Hoang Ton (according to Reuters)

Source: https://www.congluan.vn/walt-disney-bat-dau-sa-thai-hang-nghin-nguoi-post245097.html