Disney Confirms Mass Layoffs Amid Financial Challenges

Recently, a new call for profit and financial reports by the Disney brand has been carried out, reporting that there have been their boom moments but also some failures. Among them is the fall in streaming service subscribers, and now to cut expenses, they are willing to make personnel cuts. The current CEO of the company, Bob Tiger, announced that they will be responsible for saying goodbye to 7,000 employees The objective behind this hard decision is to cut $5.5 billion in costs. The layoffs will affect almost all Disney brands, but would help in the long-term theory to save resources and recover some losses. This is what he mentioned in this regard:

I have enormous respect and appreciate the dedication of our employees worldwide. While this is necessary to address the challenges we face today, I do not make this decision lightly. He also comments that he has instituted a structure that will operate under three divisions: Disney Entertainment, which will include Disney Studios, Disney+, Disney Animation, 20th Century Studios, Searchlight and Hulu. ESPN, which will also include ESPN+. Finally, there are Disney's parks, experiences and products.

Via: IG Editor's note: It seems that the beginning of the year has been the layoffs, because not much Microsoft, Ubisoft, Riot Games and more brands did the same. So another corporate giant that joins the party is not surprising.