The entertainment industry is facing a wave of job cuts, and the impact is now being felt at Walt Disney, a major player in the sector.
Walt Disney has recently announced its plans for a third round of layoffs. According to a report by IANS, over 2500 employees are at risk of losing their jobs in this latest round of cutbacks. The company has stated that these measures are being taken as a cost-cutting strategy.
The news comes as a blow to the affected employees, as well as to the industry as a whole. The ongoing layoffs are a clear indication of the challenges faced by companies in the entertainment sector during these difficult times.
Impacted Division in Retrenchment
As per the report, the company has initiated the removal of several positions in preparation for retrenchment. However, employees working in the park and resort division will be spared from job losses. It is worth mentioning that during the company’s second round of retrenchment, the television department was the most affected. Business Today reported that after Disney’s third round of layoffs, the total number of terminated employees could reach around 7,000 (Disney Layoffs 7000 Employees).
Statement from Disney’s CEO
In March 2023, Disney’s Chief Executive, Bob Iger, made an announcement regarding the layoffs, stating that the company would let go of a total of 7,000 employees over the following months. Earlier in April 2023, Disney conducted the second round of layoffs, resulting in 4,000 employees being laid off.
Alibaba Doing Layoffs Too
Alibaba, a prominent tech group, has also decided to terminate numerous employees. According to a report by Bloomberg, the company plans to reduce its workforce by 7 percent as part of a restructuring initiative. This decision is driven by sluggish sales and an economic slowdown in China, where Alibaba, the country’s largest tech conglomerate, operates.