• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, May 14, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Another massive layoff at Walt Disney Co begins, the firm fires 7,000 employees

by Sneha Singh
March 28, 2023
in Business
Reading Time: 2 mins read
0
Walt Disney
TwitterWhatsappLinkedin

To reduce expenses and build a more “streamlined” company, Walt Disney Co. started 7,000 layoffs on Monday, according to Chief Executive Bob Iger’s letter to staff members and seen by Reuters.

You might also like

DHL to Lay Off Over 360 Workers as Major California Warehouse Shuts Down Amid Industry Upheaval

SoftBank Group Posted its First Annual Profit in Four Years Sparks Renewed Investor Confidence

Trump Residences Gurugram Phase 2 Sold Out, Nets ₹3,250 Cr

According to a person familiar with the situation, several important departments of the corporation, including Disney Entertainment, Disney Parks, Experiences and Products, and corporate, would be impacted. ESPN was not affected by the cutbacks this week, but it is predicted to be in subsequent rounds.

Walt Disney would start informing the first set of affected workers over the next four days

Since its exuberant embrace of video streaming, when significant media corporations lost billions as they formed rivals to Netflix Inc., the entertainment sector has seen a recession. As Netflix reported its first subscriber drop in a decade at the beginning of 2022, media businesses started cutting expenditures as Wall Street started to put profitability ahead of customer growth.

Disney to Begin Layoffs of 7,000 Staffers This Week
Credits: Variety

Iger stated that Disney would start informing the first set of affected workers over the next four days. In April, there will be a second, more significant round of layoffs “with thousands more personnel cutbacks.” The letter said that the final round would commence before the start of the summer. Iger noted that many “contribute a lifetime enthusiasm for Disney” to their job, adding that it was a “painful truth” that many friends and coworkers were departing Disney.

The firm has been experiencing increasing anxiety levels

A source stated that the television production and acquisition departments were among the first sectors to be slashed, leading to senior executives’ resignations. Although the firm had kept the specifics of the layoffs under wraps, insiders had predicted they would occur before Disney’s annual shareholder meeting on April 3.

As speculations about potential budget cuts circulated, Disney has been experiencing increasing anxiety levels. According to a Disney official, “It’s a dark, black box.” It’s been a long time coming, according to Michael Nathanson, an analyst with SVB MoffettNathanson. He noted that the business started “whispering” about the need to slash expenses last autumn when Bob Chapek was still Disney’s CEO.

In February, theme park staff received a message from Josh D’Amaro, chair of Disney Parks, Experiences and Products. The message was alerting them of impending budget cuts for the successful sector. “Guest-facing” services at Walt Disney World Resorts in Orlando, Florida, are not anticipated to be impacted by the layoffs, according to two of the unions representing cast members there. Now the trend of massive layoffs has taken a slight shift from all the tech firms to these platforms.

Tags: cost cuttingDisney ParksMassive layoffNetflixWalt Disney
Tweet54SendShare15
Previous Post

The Founder of Freshworks, Girish Mathrubootham revealed details of layoffs

Next Post

S&P 500 Posts Marginal Gains Following First Citizens’ Silicon Valley Bank Deal

Sneha Singh

Sneha is a skilled writer with a passion for uncovering the latest stories and breaking news. She has written for a variety of publications, covering topics ranging from politics and business to entertainment and sports.

Recommended For You

DHL to Lay Off Over 360 Workers as Major California Warehouse Shuts Down Amid Industry Upheaval

by Anochie Esther
May 14, 2025
0
DHL

DHL is preparing to lay off more than 360 employees as it shutters a major warehouse in Ontario. The closure, set to begin this July and complete by...

Read more

SoftBank Group Posted its First Annual Profit in Four Years Sparks Renewed Investor Confidence

by Anochie Esther
May 14, 2025
0
SoftBank Group

In a much-needed win for Japan’s investment powerhouse, SoftBank Group has posted its first annual profit in four years a financial milestone that not only signals a rebound...

Read more

Trump Residences Gurugram Phase 2 Sold Out, Nets ₹3,250 Cr

by Ishaan Negi
May 14, 2025
0
Trump Residences Gurugram Phase 2 Sold Out, Nets ₹3,250 Cr

In a stunning affirmation of India’s booming luxury real estate sector, Trump Residences Gurugram—a joint venture between Tribeca Developers and the Trump Organization—has sold out its second phase,...

Read more
Next Post
Wall St

S&P 500 Posts Marginal Gains Following First Citizens' Silicon Valley Bank Deal

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?