Walt Disney Company layoffs are reportedly starting as early as next week after the company announced its plans to trim 7,000 jobs in February. The job cuts, as per the Bloomberg report, are expected to eliminate thousands of roles in the entertainment and other divisions, in-line with the announcement made back then.
The entertainment industry has undergone a retrenchment since its early euphoric embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix Inc.
This time the cuts are coming across the company including at Disney Entertainment which was created in a restructuring move as home to its movie and television production and distribution business.
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As part of the restructuring, Chief Executive Officer Bob Iger moved to restore authority to creative executives and elevated Alan Bergman and Dana Walden as co-chairmen of Disney Entertainment, Bloomberg report said.
Most of the large media companies like Comcast Corp.’s NBCUniversal, Warner Bros. Discovery Inc. and Paramount Global, are trimming their headcount as Wall Street’s attention shifts from subscriber growth in streaming to the high cost of operating online video platforms, the report added.
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