The Walt Disney Company plans to lay off workers, introduce a negotiated hiring freeze and limit business travel in a cost-cutting move.
Variety reported that Disney’s CEO Bob Chapek sent out a memo to company executives on Friday, November 11, stating that the coming weeks would be difficult.
Bob Chapek, CEO of The Walt Disney Company. (Credit: Patrick T. Fallon/Bloomberg via Getty Images)
I am fully aware that this will be a difficult process for many of us and our teams,” said Chapek. “We’re going to have to make tough and uncomfortable decisions.” And that’s exactly what leadership is needed for. Thank you for his performance during this time of immense importance. Our company has mastered many challenges over the past 100 years. We would like to achieve our goals and build a more agile company with the potential of tomorrow.
During this process, Disney will also review content and marketing spend. This review will be led by the newly formed Cost Structure Task Force, a group composed of Chapek, CFO Christina McCarthy and General Counsel Horacio Gutierrez.
The moves follow Disney’s quarterly results, which reported an operating loss of $1.47 billion for its streaming division. While revenue at 8 p.m. was up from $4.9 billion, Disney’s linear television networks also saw a decline at 5 p.m. for the quarter. Disney recently saw the company’s shares fall to 13.16%, its lowest level in two years.
To make the purchase of Twitter, Elon Musk and his $44 million takeover of Twitter has been history for over. 23 images
The streaming service is expected to increase profitability in fiscal 2024.
Nothing is more significant than the fact that many large companies are making differing cost cuts as this news follows similar layoffs at Twitter, Meta and Microsoft.
https://game-news24.com/2022/11/12/disney-set-on-taking-offs-along-with-a-set-of-limitations-on-the-hiring-freeze-and-travel/ Disney set on taking offs along with a set of limitations on the Hiring Freeze and Travel