Disney managers told to identify layoff candidates, with 4K job cuts expected by April: report

After announcing plans to eliminate nearly 7,000 jobs, Disney is reportedly instructing managers to propose budget cuts and put together a staff list in the coming weeks.

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It’s unclear whether Disney will begin the layoffs in small waves or cut thousands of employees all at once, but the company will announce that at least 4,000 existing employees will be out of work sometime in April. according to business insider,

The payroll cuts were announced by CEO Bob Iger during the company’s first-quarter earnings call in February, as Disney seeks to save billions of dollars by restructuring the company, cutting content and trimming payroll.

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Disney did not immediately respond to a request for comment.

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According to Disney chief financial officer Christine McCarthy, the overhaul is expected to save $5.5 billion, with $1.5 billion in operating cost cuts and $3 billion in non-game content cuts.

The entertainment giant also said it would pull back on general entertainment aimed at adults, and is evaluating options on what to do with Hulu, the streaming service that specializes in general-entertainment shows and Disney’s Two-thirds owned, one-third owned by Comcast Corporation

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Under the terms of Disney’s purchase of its share of Hulu in 2019, either party has the right to force a sale of the company as early as next year.

The planned job cuts were announced ahead of Disney’s annual meeting on April 3. On Thursday, activist shareholder National Legal and Policy Center called on investors to oppose the entire slate of nominees for the board of directors at the meeting, arguing they are “carriers.” Who presided over the entertainment giant’s worst year since the 1970s.”

The group accused the company of losing money by damaging its brand “with the pursuit of a far-left political agenda”, adding that the company needed to “raise awareness” to recover its reputation as a family-friendly company. need to leave. He pointed to Disney’s opposition to Florida’s parental rights in education law, cynical misrepresentation of the misleading “don’t say gay” bill, and pushback from Florida Gov. As evidence of bad decisions by Ron DeSantis to get involved in politics that harmed the company.

Fox Business’ Robbie Whalen contributed to this report.