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Disney plans several thousand layoffs
CNBC • • business
Key Points:
- Disney is planning to cut several thousand jobs as part of ongoing cost-reduction efforts, with some managers asked to reduce budgets by up to 20%.
- This follows earlier layoffs in 2023, including about 1,000 cuts in marketing and 300 in human resources and technology divisions.
- CEO Josh D'Amaro and CFO Hugh Johnston emphasized in August that the company is focused on reducing costs to create capacity for growth investments, with more updates expected.
- Disney introduced an early retirement program and is continuing involuntary staff reductions into 2024, affecting various departments.
- The entertainment industry broadly is seeing layoffs, with Netflix cutting 6% of its workforce and Skydance planning staff reductions to achieve $6 billion in synergies.
