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What’s going on:
To reduce company costs by $5.5 billion, Walt Disney Co is beginning its second wave of massive layoffs as the company realizes its efforts to downsize by a reported 7,000 positions. The impact of thousands of layoffs within the company will span across many of the company’s brands including ESPN, Disney Entertainment, and Disney Parks according to Reuters.
Disney officials say that the latest round of layoffs brings the total number of positions cut at the company to 4000 employees. It is expected that a third round of layoffs will take place before the beginning of summer.
Why it matters:
Walt Disney Co adds its name to the growing list of companies across the country that have announced massive layoffs in 2023. Many companies in the tech industry either already have or are expected to lay off thousands of employees this year, including Meta, Google, and Twitter.
How it’ll impact the future:
Companies in the U.S. are adapting to market inflation and the economic impacts of the labor market by restructuring their companies and cutting costs. Walt Disney Co is one of the largest companies in the entertainment and media industry. Massive layoffs could be a sign of a more competitive job market within the industry.
