Layoffs Loom At Disney Ahead Of April 3 Shareholder Meeting, Maybe More To Come
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If you know someone who works at Disney, you should probably have a bad feeling about this, as the company has announced multiple cuts to its staff. According to Deadline, insiders have said that the first round is expected to occur at the very end of March, with the 30th and 31st mentioned as possible days, although no day has been finalized yet. That seems to simply be just a prelude to what’s coming at the end of April, where there is a large list of layoffs apparently planned. This expected series of layoffs has been called “The Big One”, according to sources. Some sources have even pointed to a possible third wave, although times on that one vary from between the two previously mentioned ones, to taking place after both of these two. As of yet, Disney has not commented on the issue.
The number of layoffs is expected to be around 7000, which represents around 3% of the company’s workforce, a move the CEO Bob Iger has said he feels these decisions are “not being taken lightly”. Iger has stated, that he plans to follow through on his promise to make a “statement” to investors on the issue before the remote meeting on April 3rd.
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Said cuts are coming from Entertainment, ESPN and Parks, Experiences and Products. ESPN personality Stephen A. Smith has recently confirmed that the company is “going to have cuts coming.” He went as far as to say “Hell, for all I know, I might be one of them, Now, I doubt that. But it’s possible. No one knows.”
These cuts come in the wake of many media and tech companies laying off thousands of individuals in recent months.
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Source(s): Deadline
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