Disney set for third round of job cuts, expected to impact over 2,500 positions
The third round of layoffs at Disney began today, reported Deadline. It is estimated that over 2,500 jobs across the company have been affected by these cuts. The current wave of employee layoffs does not target any specific division. The reports also suggest that television, which was heavily impacted in the second round, has experienced a relatively small number of layoffs this time.
As per Disney CEO Bob Iger's earlier announcement in late March, this round of layoffs is anticipated to be the final major one at Disney for the time being. Nevertheless, Deadline sources indicated that there may still be some minor cuts in the coming months.
On March 27, the first wave of layoffs commenced after Iger confirmed the company's strategy of implementing three rounds of workforce reductions, aiming to trim approximately 7,000 employees from their workforce.
On April 24, the second wave of layoffs, which constituted the largest round, commenced, resulting in the elimination of 4,000 positions. Prior to the start of summer, the company had already indicated its expectation for a third round of layoffs.
The recent wave of layoffs occurred in the midst of the ongoing writers' strike, causing significant disruptions in film and TV development and production across various media companies.
In February of last year, Disney announced its projection of achieving $5.5 billion in cost savings through the implementation of layoffs and additional cost-cutting measures.
Alongside the Entertainment division, staff reductions were also anticipated in ESPN and Parks, Experiences, and Products divisions. It is worth noting that no frontline operational workers at Disney's theme parks were expected to be affected by job losses.
Soon after returning as Disney CEO in November, Iger initiated plans for downsizing within the company. One area specifically focused on for cuts was the centralised distribution organisation established by his predecessor, Bob Chapek.
As a cost-cutting measure, the company has recently commenced the removal of numerous titles from its streaming platforms.