Hold onto your mouse ears, gentlemen, because the Walt Disney Co. has just begun a massive “spring cleaning” of their workforce. The House of Mouse is showing 7,000 employees the door, which is a whopping 4.2% of their U.S. based workers. I guess there’s not so much magic in the kingdom anymore, huh?
Bob Iger, Disney’s CEO and the man with impeccable timing, made this grand announcement during a February earnings call. The layoffs will help the company save a cool $2.5 billion in noncontent costs. With savings like that, maybe they can afford to build a new Disneyland… in space!
Turns out, this was Iger’s first call since his triumphant return as CEO, after his “apprentice” Bob Chapek got the boot last November. A modern-day Mufasa and Scar story, perhaps?
In a memo sent to the soon-to-be-unemployed, Iger let them know the cuts would wrap up by the end of spring. And just like a Disney movie, this story has a twist! Even ESPN, one of Disney’s main divisions, isn’t safe from the corporate guillotine. Stephen A. Smith, a big name at the network, quipped that even he might be on the chopping block. But, let’s be real – it’s probably the little guys who’ll feel the pinch.
On the bright side, Disney’s streaming portfolio, including ESPN+, is expected to stop hemorrhaging money by 2024. So, here’s to hoping the remaining employees can weather the storm and keep the magic alive. Or, you know, find jobs elsewhere.
#DisneyLayoffs #NotSoMagicalKingdom #ESPNInDanger
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