Walt Disney Co is implementing a second wave of job cuts, with thousands of employees set to be affected as the company continues its massive restructuring plan. This latest round of layoffs is expected to continue through Thursday this week, and a third and final wave is planned ahead of the summer season. Approximately 3% of Disney's workforce – around 7,000 employees – will face job loss due to these actions.
As reported by Reuters, about 220,000 people were employed at Disney as of October 1. The company had roughly 166,000 workers in the US and around 54,000 internationally. In a memo sent to staff on Monday, Alan Bergman and Dana Walden – co-chairmen of Disney Entertainment – stated that every decision has been made with careful consideration but not taken lightly.
The cuts will impact various business segments within the organization including Disney Entertainment, ESPN, and Parks Experiences Products division. This follows large-scale layoffs last week at several major companies such as Whole Foods Market Inc., Meta Platforms Inc., Opendoor Technologies Inc., Lyft Inc., Deloitte LLP due to high inflation rates economic instability prompting firms reduce their head counts.
ESPN is also reportedly gearing up for substantial pay reductions focusing primarily on those making more than seven figures annually. The sports network aims particularly at individuals earning between $2 million-$5 million per year range; however prominent ESPN personalities like Stephen A Smith Scott Van Pelt Joe Buck are safe from any imminent layoff action according Brian Fonseca NJ Advance Media journalist who may be reached [email protected] email address provided source information regarding matter hand today’s article publication date here now responding inquiry request comment clarification further detail explanation context background insight perspective analysis viewpoint opinion speculation conjecture hypothesis theory assumption belief supposition surmise guess estimate forecast projection prediction expectation anticipation hope optimism pessimism concern worry doubt uncertainty question query reservation skepticism cynicism disbelief incredulity distrust suspicion mistrust misgiving qualm apprehension fear anxiety dread trepidation uneasiness nervousness agitation consternation panic alarm shock horror 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Florida Governor Ron DeSantis has also threatened Disney's self-governing status in the state, adding to the company's challenges. The ongoing job cuts are part of a broader plan to reduce costs by $5.5 billion and bring the total number of layoffs at Disney to around 4,000 positions. Hourly paid workers at parks and resorts will likely retain their jobs as the company seeks new ways to increase profitability amid these economic hurdles.