Disney Cuts Hundreds More Jobs Amid Cost-Cutting Efforts
Disney has announced another round of layoffs, marking its third major job cut this year under new CEO Josh D'Amaro. The latest cuts primarily affect human resources and IT teams across Disney's corporate operations and different business divisions.
The decision comes after the company warned shareholders in August that it was exploring ways to reduce costs, including possible workforce reductions. This is the third round of job cuts this year, following major reductions in April and July, as well as early-retirement offers made to some longtime executives in August.
Disney's latest layoffs follow a letter sent by CEO Josh D'Amaro and CFO Hugh Johnston to shareholders in August, where they signaled that more cost-cutting measures were being considered. In the letter, they mentioned evaluating 'a variety of levers, including reductions in labor and SG&A' to create 'incremental capacity to invest for growth.'
Disney has already cut about 1,000 jobs in April and several hundred more in July across corporate functions and divisions, including Pixar, ESPN, Disney Entertainment Television, and Disney's studios.