Disney mulls cutting 4,000 jobs by April: Report – Times of India

Disney CEO Bob Iger last month announced that the company will cut 7,000 jobs as a part of ‘restructuring’ in the company. It aims at saving $5.5 billion in costs to make its streaming business profitable. A new report has now claimed that the first round of layoffs may come in April and Disney may reduce the workforce by 4,000 employees.
As per a report by Fox News (via Business Insider), team managers have been told to propose budget cuts and identify a list of employees to be laid off in the coming weeks. The report also said that it is unclear whether these employees will be laid off in small waves or all at once.
Reportedly, the remaining 3,000 cuts are expected to come from open positions.
Disney job cuts and restructuring
Disney joined the long list of technology companies like Amazon, Meta, Google, and Microsoft, among others, that announced layoffs. Back in February, the company CEO described the job cuts as an effort to save $5.5 billion in costs and make its streaming business profitable. The 7,000 job cuts represent an estimated 3.6% of Disney’s global workforce.

Disney plans to return power to creative executives and restructure itself into three segments: an entertainment unit (that encompasses film, television and streaming), a sports-focused ESPN unit and Disney parks, experiences and other products. He, however, said the streaming business is Disney’s top priority.
The CEO also said that the reorganisation will result in a “more cost-effective, coordinated approach,” to Disney’s operations.

Disney CTO resigns
The development comes a few weeks after Disney’s Chief Technical Officer (CTO) Jeremy Doig reportedly exited the company. Bloomberg reported that Doig oversaw the teams that run streaming services such as Disney+, Hulu, and ESPN+.
In the note, Mike Hanley, senior vice president for engineering for Disney’s OTT platforms, wrote, “I have been informed that effective immediately Jeremy Doig is no longer with the company.”