New Delhi: Entertainment giant Disney has directed managers to propose budget cuts and draw up lists of employees to be laid off in the coming weeks, the media reported. It’s unclear if Disney will start laying off employees in small batches or thousands at once, but the company will announce that at least 4,000 current employees will be laid off sometime in April, Business Insider reports, citing sources.
The planned job cuts were announced ahead of Disney’s annual convention on April 3. The entertainment giant also announced a reduction in general adult entertainment and is considering options for dealing with Hulu, the streaming service that specializes in general entertainment shows and is two-thirds owned by Disney and one-third by Comcast Corp, the report said. (Also read: Tax-Saving Investment Options: Check Out These 5 High-Return Programs)
In February, CEO Bob Iger announced he would lay off 7,000 employees as Disney seeks to save billions of dollars by restructuring the company, cutting content and cutting payroll. (Also read: Tax-Saving Investment Options: Check Out These 5 High-Return Programs)
Disney expects savings of about $3 billion over the next few years, not including sports.
He said there will be three core business segments as part of the strategic reorganization: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.
“This restructuring will result in a more cost-effective, coordinated and streamlined approach to our operations and we are committed to running our businesses more efficiently, particularly in a challenging economic environment. In that regard, we are targeting $5.5 billion in cost savings for the company,” said the CEO.
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