Active Stocks
Sat Mar 02 2024 12:49:58
  1. Tata Steel share price
  2. 155.15 3.43%
  1. HDFC Bank share price
  2. 1,430.35 -0.06%
  1. State Bank Of India share price
  2. 773.05 0.49%
  1. Tata Motors share price
  2. 988.40 1.15%
  1. Wipro share price
  2. 522.65 0.67%
Business News/ Companies / News/  Disney considers layoffs, nearly 4,000 employees at risk of job loss in April, says Report
BackBack

Disney considers layoffs, nearly 4,000 employees at risk of job loss in April, says Report

For this, the firm has directed managers to propose budget cuts and compile lists of employees that will be laid off in the coming weeks, added the report.

It is still unclear that the layoff will be done in batches or will be done in a single shot. (Photo: Reuters)Premium
It is still unclear that the layoff will be done in batches or will be done in a single shot. (Photo: Reuters)

Entertainment conglomerate Disney after announcing plans to eliminate 7,000 jobs in February's earning call, is considering to lay off at least 4,000 current employees in April, reported Business Insider on March 18.

For this, the firm has directed managers to propose budget cuts and compile lists of employees that will be laid off in the coming weeks, added the report, citing sources.

However, it is still unclear that the layoff will be done in batches or will be done in a single shot. The planned job cuts were announced ahead of Disney's annual meeting on 3 April.

Apart from this, Disney has also announced that a reduction will be done in general entertainment aimed at adults and considering options for what to do with the streaming service Hulu. The the streaming service specialises in entertainment shows and owned two-thirds by Disney and one-third by Comcast Corp.

ALSO READ: Wipro sacks 120 employees in US over 'realignment of business needs'

Earlier in February, Disney CEO Bob Iger had announced his plans to eliminate 7,000 jobs in February's earning call, as the firm was looking to save billions of dollars by restructuring it, cutting content, and trimming payroll.

Excluding sports, the firm is expecting deliver approximately $3 billion in savings over the next few years.

As per Iger, under the strategic reorganisation, there will be three core business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.

"This reorganisation will result in a more cost-effective, coordinated, and streamlined approach to our operations, and we are committed to running our businesses more efficiently, especially in a challenging economic environment. In that regard, we are targeting $5.5 billion of cost savings across the company," BI quoted the CFO Christine McCarthy as saying.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 19 Mar 2023, 05:37 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie