April 26, 2023
1 min read

Disney begins layoffs

Disney plans to reduce its workforce by 7,000 jobs as part of a larger reorganisation that will see the company cut $5.5 billion in costs….reports Asian Lite News

Entertainment giant Disney kicked off its second round of layoffs on Monday that will affect 4,000 employees.

According to a CNBC report, a third round is expected to start before the beginning of the summer.

Disney plans to reduce its workforce by 7,000 jobs as part of a larger reorganisation that will see the company cut $5.5 billion in costs.

“The senior leadership teams have been working diligently to define our future organisation, and our biggest priority has been getting this right, rather than getting it done fast,” the company said in a note to employees.

The second round of cuts will affect Disney Entertainment and ESPN, as well as Disney Parks, Experiences and Products.

The jobs affected will span across the country from Burbank, California, to New York and Connecticut, CNBC reported.

“As we advance as a core segment of Disney, with operational control and financial responsibility, we must further identify ways to be efficient and nimble,” ESPN CEO Jimmy Pitaro said in a note to employees.

“This is a time of transition for Disney, and these changes affect everyone, whether or not your role is impacted. We are committed to supporting you through this period and encourage you to reach out to your leader or HR partner with any questions or for guidance, as needed,” said the company.

In February, the entertainment giant announced to lay off 7,000 employees to cut costs.

“I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide and I am mindful of the personal impact of these changes,” said its CEO Bob Iger.

ALSO READ: India tops refurbished smartphone market

Previous Story

‘Pakistan unleashes Bangla model atrocities on ethnic minorities’

Next Story

Adobe widens India footprint

Latest from Business

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

ME & North Africa getting it’s first-ever standalone Disney Store

John Hadden, Alshaya Group CEO, said: “We are incredibly proud

Disney plans to cut jobs

Disney CEO Bob Chapek advised executives to only take necessary