Layoff of 7000 employees in Disney, the company’s entire business will be divided into three segments
Layoff News: Preparations are underway for huge changes in media and entertainment segment giant Disney. Its blow is falling on the employees of the company. The company has announced a reduction in 7000 jobs. Disney plans to divide its entire business into three segments. On Wednesday, the company presented the December 2022 quarter results.
Disney Layoff News: Preparations are underway for huge changes in media and entertainment segment giant Disney. Its blow is falling on the employees of the company. The company has announced a reduction in 7000 jobs. Disney plans to divide its entire business into three segments. On Wednesday, the company presented its December 2022 quarter results. After this, the company announced a cost reduction of $ 550 million and a reduction of 7000 jobs. About 3 percent of its employees will be affected by the company’s decision to retrench. As of October 1, the company has around 2.20 lakh employees, of which 1.66 lakh are in the US.
Disney’s business will be divided into these three segments
Disney plans to split its business into three segments in addition to cutting costs and cutting thousands of jobs. The first part will be Disney Entertainment, which will include most of its streaming and media operations. The second segment will be the ESPN division, which will house the TV network and the ESPN+ streaming service. And the third segment will be of Disney Parks, Experiences, and Products unit.
Out of the $550 million that Disney has decided to cut costs, $300 million will be from content other than sports. Apart from this, the cost of $ 250 million will be reduced from non-content. According to Disney, work on cost reduction of $ 100 million has started since last quarter.
Bob Iger’s biggest decision since returning as CEO
In December 2021, Bob Iger took retirement from Disney. However, in November 2022 last year, he returned to the company as CEO. After returning to the company, Bob Iger has now taken a major decision to divide the company’s business into three segments, lay off and reduce costs. Disney announced these changes shortly after presenting its December 2022 results. The announcement comes amid a proxy fight by the company with activist investor Nelson Peltz and his company Trian Management.
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