Disney (DIS.US) reportedly plans to lay off thousands of employees, with some managers being asked to save 20% of annual costs.
According to informed sources, Disney (DIS.US) is planning to lay off thousands of employees. The entertainment giant has asked some managers to set their annual cost-saving targets at 20%.
According to Golden Ten Data, sources have revealed that Disney (DIS.US) is planning to lay off thousands of employees. The entertainment giant has asked some managers to set annual cost-saving targets at 20%. The savings could come from layoffs or expense reductions. Disney's business covers theme parks, television networks, and movie studios, and certain segments will be impacted much more significantly. Sources stated that CEO Josh D'Amaro plans to reinvest part of the saved funds into films and TV productions, technology, as well as theme parks and cruise businesses.
Disney has committed to achieving double-digit growth in adjusted earnings per share this fiscal year. A Disney representative declined to comment.
In recent years, Disney has cut billions of dollars in costs and eliminated thousands of jobs, impacting departments including ABC, Pixar, ESPN, movie studios, and experiential businesses. As of the end of the last fiscal year, Disney's global workforce totaled 231,000 employees.
On October 1, media reports stated that Disney plans to restructure its television division and lay off staff in the legal and global affairs departments.
Other entertainment companies such as Netflix (NFLX.US), Sony Pictures Entertainment, as well as Paramount and Warner Bros. under Skydance (SKYD.US), have also implemented layoffs due to declining traditional TV revenues and slowing growth in streaming subscribers. In addition, they face growing challenges as more viewers turn to social media, online videos, and streaming services backed by tech giants like Amazon (AMZN.US) and Apple (AAPL.US).
Last month, Disney President Dana Walden stated, "We need to continuously evaluate the company's organizational structure and scale. Technology companies have set their sights on our business, and we must survive, grow, and thrive. That is exactly what we are doing."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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