Disney is currently undergoing its third wave of layoffs, resulting in significant job losses for its workforce. The number of employees expected to be impacted by this round of cuts exceeds 2,500, aligning with the previously announced reductions by Disney CEO Bob Iger. The specific divisions affected by these layoffs have not yet been disclosed.
As the third wave of layoffs concludes this week, the total number of job cuts is estimated to surpass 6,500, coming close to the initially stated goal of 7,000 reductions. It’s noteworthy that Disney employed approximately 220,000 individuals globally as of October 1, making the 7,000-person reduction equivalent to roughly 3 percent of the company’s total workforce.
In March and April, Disney implemented the first two waves of job cuts, leading to the elimination of approximately 4,000 positions. These cuts affected several sectors within the company, including ESPN, Disney’s entertainment division, Disney Parks, as well as the Experiences and Product division.
The decision to implement these layoffs was first announced by Disney CEO Bob Iger in February. With a series of three waves before the summer, the media conglomerate aimed to reduce its global workforce by around 7,000 employees. The objective behind these measures was to achieve a cost-saving target of $5.5 billion. 30 percent of the overall target is achieved through the current wave of layoffs, with marketing operations making up 50 percent of the savings. The remaining 20 percent comes from cost reductions in technology, procurement, and other operational expenses.
