UPDATE: March 27, 2023: Disney CEO Bob Iger sent out an internal memo Monday morning outlining three rounds of layoffs – the first round of layoffs will take place this week, the second round next month, and the final round of layoffs prior to the summer season.
Iger’s message to cast members can be read in its entirety at Deadline.com, the first to obtain the internal memo.
Of the 7,000 jobs Disney announced would be cut earlier in the year, as many as 4,000 are expected to be handed down in the coming weeks as Disney executives have been told to start making changes. According to Disney Chief Financial Officer Christine McCarthy, the massive cut in employment at The Walt Disney Company is expected to save the company $5.5 billion.
Website Business Insider reported, “over the past two weeks, Disney managers have been given targets to reduce their budgets along with headcount, according to a person familiar with the company.” The move is expected to realign Disney’s financial standing with investor expectations as the company struggles to recover from the disappointing financial returns incurred, in part, by a Chapek-driven over-investment in streaming.
