Month: March 2023
Disney CEO Bob Iger Confirms Start of Layoffs This Week, More to Come
Disney CEO Bob Iger has confirmed layoffs have will begin this week within the company. Three rounds of cuts are expected to happen before summer of 2023.
Disney CEO Bob Iger has confirmed the first of three rounds of layoffs to start this week. According to Deadline, the company looks to reduce its workforce by roughly 7,000 employees.
The company’s restructuring comes after previous CEO Bob Chapek was fired last November. Though many changes have already been made within the company after his exit, stocks continue to plummet for the company.
Currently valued at only about half of its previous per-share value in summer 2021, investors and leaders in the company are attempting to make changes to remedy the company’s financial situation. Reducing staff is believed to be a way to possibly help their finances in the short term.
One other major change Iger implemented post-Chapek was abandoning a centralized distribution structure for content. Iger divided that corporate mass into three separate entities; however, now employees from all three of these new divisions: Parks, Experiences and Products; Entertainment; and ESPN are theorized to be included in the layoffs.
Disney is not out of options, though. Recent news on Disney and Comcast discussing Hulu’s future gives the media giant revenue options moving forward. One possibility is Disney acquires Hulu in full; another sees the streaming company unloaded completely. Iger has recently reported a less than joyful disposition on streaming revenue in general. He has also stated that sports betting is an “inevitable” future for the business.
Bob Iger’s Memo to Employees
Iger sent out a memo to employees regarding the cuts. His full memo is below.
Dear Fellow Employees,
As I shared with you in February, we have made the difficult decision to reduce our overall workforce by approximately 7,000 jobs as part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business. Over the past few months, senior leaders have been working closely with HR to assess their operational needs, and I want to give you an update on those efforts.
This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions. Leaders will be communicating the news directly to the first group of impacted employees over the next four days. A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target.
The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here. That’s part of what makes working at Disney so special. It also makes it all the more difficult to say goodbye to wonderful people we care about. I want to offer my sincere thanks and appreciation to every departing employee for your numerous contributions and your devotion to this beloved company.
For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward. I ask for your continued understanding and collaboration during this time.
In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future. Please know that our HR partners and leaders are committed to creating a supportive and smooth process every step of the way.
I want to thank each of you again for all your many achievements here at The Walt Disney Company.
Sincerely,
Bob
What are your thoughts on Disney cutting 7,000 employees? We’d love to see your opinions in the comments below.
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‘The Lion King’ Spirit Jersey Now Available at Magic Kingdom
We found a new Spirit Jersey for “The Lion King” at the Emporium in Magic Kingdom. Check out all the details below.
‘The Lion King’ Spirit Jersey – $84.99
A new Spirit Jersey for “The Lion King” is now available at the Emporium in Magic Kingdom. The front of this bright red shirt features a silhouette of Simba on Pride Rock in front of the setting sun.
Heat shimmer can be seen on the clouds passing in front of the sun behind Simba.
This Spirit Jersey features the usual dark blue branding tag on the side.
The back has Walt Disney World printed across the shoulders in black.
The large printed image across the bottom of the Spirit Jersey silhouettes Mufasa, Rafiki, Simba, Timon, Zazu, and Pumbaa. They strut single-file across the African savanna. An Acacia tree is also silhouetted in the background in front of the sunset.
Most recently, we’ve discovered that guest interactions have returned to “The Festival of The Lion King” at Disney’s Animal Kingdom. This show takes place at Harambe Theater and is a fan-favorite attraction.
Take a look at some of the other Spirit Jerseys we’ve recently found:
- NEW Blizzard Beach Spirit Jersey Rashguard at Walt Disney World
- New Star Wars ‘I Know’ Spirit Jersey Arrives at Walt Disney World
- Walt Disney World 50th Anniversary Grand Finale Spirit Jersey Debuts at EPCOT
- New ‘Avatar: The Way of Water’ Spirit Jersey and More Arrive at Disneyland
Will you be adding this piece to your Spirit Jersey collection? It’s not too often we see a new addition for “The Lion King.” We’d love to see your opinions in the comments below!
For the latest Disney Parks news and info, follow WDW News Today on Twitter, Facebook, and Instagram.
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Disney CEO Bob Iger Shares Memo Saying 7,000 Employee Reduction To Begin This Week
Early last month, Bob Iger announced that the Walt Disney Company would be laying off thousands of employees as part of the next round of cost cutting, and employees affected will be notified this week as revealed in a new memo from Iger himself. What’s Happening: Early last month, Bob Iger revealed that The Walt […]
The post Disney CEO Bob Iger Shares Memo Saying 7,000 Employee Reduction To Begin This Week appeared first on LaughingPlace.com.
‘Incredible’ Theming Revealed For First Storyliving by Disney Community
A new video has arrived, showing us some of the amenities and communal areas of Disney’s first Storyliving Community, Cotino. With themes from the Disney Pixar smash hit, The Incredibles, elements of the architecture can be seen that are pulled straight from the art-deco style admired in the movies.
See more of the new Cotino details in the video below.
The post ‘Incredible’ Theming Revealed For First Storyliving by Disney Community first appeared on DIS.
Earth Month 2023 Treats Revealed for Disney’s Animal Kingdom and Walt Disney World Resorts
Disney Eats: Foodie Guide to Can’t-Miss Earth Month Treats 2023
Review: Doogie Kamealoha M.D’s Second Season Adds More Fun
Doogie Kameāloha M.D. is back for a second season and this time, the doctor has prescribed for more fun. While “Doogie” spends the season learning the value of balance and play, the show has seemed to learn that lesson as well. The season features animation, Hawaiian mythological menehune, a dance competition, and a visit to Aulani, […]
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New Menu And Pricing for this Long Awaited Character Dining Option
You don’t want to miss the pricing and new menu options for the return of this princess dining experience. Akershus Royal Banquet Hall Located in the Norway Pavilion of Epcot, Akershus is a character dining experience. Join various princesses inside a medieval castle as you feast on a smorgasbord of Norwegian and American food. Booking a […]
The post New Menu And Pricing for this Long Awaited Character Dining Option appeared first on KennythePirate.com.
Movie Review: “Prom Pact” Celebrates John Hughs Teen Comedies For a New Generation While Pushing the Boundaries of What Makes a Film “Disney”
Among the most aspirational things about high school is the allure of prom. Who will you go with? What will you wear? What will the theme be? As freshman, sophomores, and juniors, you pray a senior will ask you so you can attend more than one. And then when it’s your turn, the anticipation can […]
The post Movie Review: “Prom Pact” Celebrates John Hughs Teen Comedies For a New Generation While Pushing the Boundaries of What Makes a Film “Disney” appeared first on LaughingPlace.com.