Disney layoffs could soon reach the thousands, with some managers at the company asked to cut costs by as much as 20%. If the plans move forward, it would mark the largest round of job cuts at Disney so far this year.
What We Know
Bloomberg first reported the plans, citing people familiar with the matter. CNBC also reported that Disney plans to cut “several thousand” jobs, citing its own sources. Bloomberg said some departments will feel the cuts more than others, though it did not name them. Disney has not commented on the reports.
CEO Josh D’Amaro reportedly plans to reinvest some of the savings in film, TV, technology, parks and cruises. The company has signaled more cuts for months. In an August shareholder letter, D’Amaro and CFO Hugh Johnston said they were “mid-stream” in their cost-cutting work.
A Year of Cuts at Disney
As we previously reported, Disney has already made several rounds of cuts this year. Around 1,000 jobs went in April, mostly in marketing. July brought several hundred more cuts, largely at Pixar and National Geographic. About 300 more employees, mostly in HR and tech, lost their jobs in late September. Last month, the cuts reached the parks division, including 159 jobs at Walt Disney Imagineering.
The Wall Street Journal also reported in October that a TV restructuring could eliminate hundreds of jobs. It remains unclear how many jobs this round will cut, when it will happen or which teams it will hit. There is also no word on whether front-line park cast members will feel the impact. Disney reports its full-year earnings on November 17, which could shed more light on its plans.
To keep up to date on all the latest Disney news and more, be sure to follow Disney Dorks on Facebook!