Disney Starts Largest Round of Layoffs This Week

Disney is about to begin another round of layoffs in 2023, with the second being even bigger than the first. One of Bob Iger's main tasks after reclaiming the Disney CEO title is reducing the company's workforce, with the goal of eliminating 7,000 by the end of the year. According to a Disney memo obtained by Variety, the second round of layoffs is set to begin today, with approximately 4,000 jobs being by the end of the week. The cuts will come across the divisions Disney Entertainment, ESPN, and Disney Parks, Experiences and Products. 

Also, the third round of layoffs by Disney will begin before the summer, bringing that total jobs cut to 7,000. "These are hard decisions and not ones we take lightly – but every decision has been made with considerable thought, and we are doing everything we can to make sure this process is conducted with respect and compassion," co-chairman of Disney Entertainment Alan Bergman and Dana Walden said in a memo to staff on Monday. "The senior leadership teams have been working diligently to define our future organization, and our biggest priority has been getting this right, rather than getting it done fast. We recognize that it has been a period of uncertainty and thank you all for your understanding and patience."

Disney Layoffs Called a "Bloodbath"

A recent report from Deadline suggested the Disney layoffs could end up being a "bloodbath" in the coming weeks. It appears the "bloodbath" is in reference to today's layoffs. 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 earnings 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."

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