Disney Layoffs to Be "Bloodbath" (Report)

Given the uncertain economic climate impacting some of the world's largest companies, Disney is readying itself for sizable layoffs. A new report from a Hollywood trade now suggests the layoffs could end up being a "bloodbath" in the coming weeks. It's said at least one round of layoffs will be held before Disney's shareholders meeting on April 3rd while a much larger round, the aforementioned bloodbath, will take place before the end of April.

Deadline, the trade that initially reported the news, also suggests a third round of layoffs could be coming as well, though that hasn't been confirmed. Layoffs are expected across every facet of the company, with a potential focus in consolidating some units within the Entertainment division. The initial report says Hulu, ABC Signature, and 20th Television are "ripe for consolidation" on both the business and content sides.

The cuts aren't news in and of themselves, with Disney CEO Bob Iger confirming in February upwards of 7,000 jobs would be cut as a part of restructuring efforts at the company.

"This reorganization will result in a more cost effective, coordinated and streamlined approach to our operations," Iger said on a company earning's call in February. "We are committed to running our businesses more efficiently, especially in a challenging economic environment. In that regard, we are targeting $5.5 billion in cost savings across the company. First, reductions to our non content costs, in total roughly $2.5 billion not adjusted for inflation. To help achieve this, we'll be reducing our workforce by approximately 7,000 jobs. While this is necessary to address the challenges we're facing today. I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide. I'm mindful of the personal impact of these changes."

The ideas of layoffs were first implemented by Bob Chapek, the executive the simultaneously served as both successor and predecessor to Iger.

Should 7,000 employees be laid off, it would amount to three-percent of Disney's entire workforce. It's expected such cuts could save the Mouse upwards of $5.5 billion dollars, a sum combining layoff savings with other cost-cutting measures across the company.