Over 2,500 staff are expected to lose their jobs, in what is anticipated to be the last significant round of cuts previously announced by Disney CEO Bob Iger, as per a CNN report.
As part of a cost-cutting measure, the company began removing dozens of titles from its streaming platforms this week.
According to the report, the fresh cuts will bring the total number of job cuts to over 6,500, inching closer to the 7,000 figure previously announced by Iger.
The first round of layoffs began in March when Disney CEO Bob Iger announced three rounds of layoffs as the company aims to reduce its workforce by around 7,000 workers.
In April, Disney kicked off its second round of layoffs, affecting 4,000 employees.
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The entertainment giant revealed in February that it expects to save $5.5 billion as a result of layoffs and other cost-cutting measures.”I do not make this decision lightly,” Iger had said on an earnings call in February after Disney’s latest quarterly earnings. “We are going to take a really hard look at the costs for everything that we make, both across television and film. Because things in a very competitive world have just simply gotten more expensive.”
“We were in a global arms race for subscribers,” he said during the call referring to Disney+ as a challenger to Netflix and Amazon Prime. “I think we might have gotten a bit too aggressive in terms of our promotion; and we are going to take a look at that.”
Disney announced its layoff plan in February, together with a reorganisation that returned decision-making to its creative executives. Its goal is to create a more streamlined approach to its business.
The layoffs mirror similar developments across major Big Tech firms global headwinds and shrinking advertisement revenues make it difficult to achieve profitability.
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