Another Major Layoff Looms at Disney! The Axe Hangs Over Hundreds of Employees
Disney may soon witness large-scale layoffs. The California-based media and entertainment company is reportedly planning to downsize its workforce. It is being reported that, in the coming weeks, the company could let go of more than 1,000 employees. The company recently restructured its marketing department; the upcoming layoffs are also said to be concentrated within this very division.
Disney is set to lay off 1,000 employees in the coming days. This was revealed in a report by *The Wall Street Journal*. This marks the first major round of layoffs since the company’s newly appointed CEO, Josh D’Amaro, took office. The company had announced in January that it intended to restructure its marketing division. Disney is not alone on this list of companies conducting layoffs; other major players in the media industry, such as Sony and CBS, have also announced workforce reductions.
Josh D’Amaro joined Disney in mid-March. The upcoming layoffs are expected to affect the marketing department. The company has not yet publicly announced these layoffs; the news emerged through sources familiar with the matter. Following the circulation of this news, Disney’s shares recorded a slight decline during trading on Thursday afternoon. D’Amaro, the former Chairman of Disney Experiences, succeeded Bob Iger at the helm of this media and theme park giant following a period of uncertainty within the company. Iger had returned to the role of Disney CEO in late 2022—approximately two years after stepping down from the position for the first time.
By February 2023, the company had announced comprehensive strategic plans. Under these plans, the company’s organizational structure was overhauled, resulting in cost reductions totaling $5.5 billion. Consequently, the company laid off 7,000 employees at that time—marking a massive workforce reduction for the organization. The company is now reportedly set to lay off another 1,000 employees. Massive layoffs continue unabated across major companies these days. Following the advent of AI, this trend shows no signs of slowing down anytime soon.
