June 1, 2023

New Delhi: Media reported that entertainment giant Disney has instructed directors to propose budget cuts and draw up lists of employees to be laid off in the coming weeks. It’s unclear whether Disney will start laying off employees in small batches or laying off thousands all at once, but the company will announce that at least 4,000 current employees will be laid off sometime in April, Business Insider reports, citing sources.

The planned job cuts were announced ahead of Disney’s April 3 annual meeting. The entertainment giant also announced that it is cutting general adult entertainment and that it is considering options for what to do with Hulu, the streaming service that specializes in general. – entertainment shows, and is two-thirds owned by Disney and one-third by Comcast Corp., the report said. (Also read: Tax Saving Investment Options: Check out These 5 High Yield Schemes)

In February, CEO Bob Iger announced the layoff of 7,000 employees as Disney hopes to save billions of dollars through company restructuring, content cuts and pay cuts. (Also read: Tax Saving Investment Options: Check out These 5 High Yield Schemes)

Disney expects to save approximately $3 billion over the next few years, not counting sports.

He said there would be three main business segments as part of the strategic reorganization: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.

“This reorganization will result in a more cost-effective, coordinated and streamlined approach to our operations, and we are committed to managing our business more effectively, especially in a difficult economic environment. company,” the CEO said.

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