It’s no secret that The Walt Disney Company is going through a time of great change. A new CEO is now in charge, and cost-cutting measures have already started to make their way throughout the company.
Walt Disney Company Headquarters in Burbank
One of the biggest cost-cutting measures a company can employ are layoffs, and according to Bloomberg, thousands of layoffs could be coming to the company soon.
Bloomberg reports that an inside source has stated that the company could be making thousands of job cuts soon, with managers being asked to target 20% in annual cost savings. Not all of the savings would come from job cuts, as expense reductions could also be considered. Depending on the department, some would probably have more cuts than others, as CEO Josh D’Amaro has said that he plans to reinvest part of the savings into film and television, technology, and the theme parks and Disney Cruise Line.
Disney Cruise Line ship
In August, D’Amaro outlined his biggest priorities for the company, which included turbocharging experience growth. Many new theme park and cruise ship projects are already underway to meet this priority. He also wants the company to grow content over time and increase shareholder dividends.
Josh D’Amaro
Disney has already cut billions of dollars in costs as well as cut thousands of jobs just over the past few years. These cuts have hit pretty much every division of the company, including theme park employees, employees at National Geographic and Pixar, and in tech and HR. The company is also reportedly planning to restructure its TV division, as well as make cuts in its legal and global affairs departments.
The Walt Disney Company
According to Disney President Dana Walden, the company must always evaluate its structure and how big it is. She said, Technology set their sights on our business, and we must survive and thrive and grow, and that’s what we’re going to do.”
Dana Walden and Josh D’Amaro ©Disney
We’ll keep an eye out for more news about these layoffs and keep you informed, so stay tuned to DFB for more.
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