According to Bloomberg, citing sources, the Walt Disney Co. could lay off thousands of employees as part of a significant cost-reduction strategy.
Sources indicate that certain division leaders have been instructed to cut their budgets by 20% relative to last year’s figures, a target they plan to achieve via layoffs and additional cost-saving strategies.
Disney executive Josh D’Amaro, who recently took on a new leadership position, intends to allocate the savings to content production for film and television, in addition to the company’s theme parks and cruise operations, according to the sources.
A representative for the company refused to comment when asked by Bloomberg.
In the past few years, Disney has already reduced expenses by billions of dollars and dismissed thousands of workers. At the conclusion of the previous fiscal year, the company employed around 231,000 people.
“We must continuously evaluate our business framework and the scale of our organization,” stated Disney executive Dana Walden during the Bloomberg Screentime conference in Los Angeles. “Technology firms are focused on our industry, and we must endure, adapt, and expand—which is precisely what we plan to achieve.”
source: bloomberg.com
