Walt Disney Company is planning a new round of job cuts after recently laying off 7,000 employees. According to sources familiar with the matter, the cuts are expected to affect thousands of positions, including those in the entertainment division, as well as corporate roles and employees in every region where Disney operates.
As per Bloomberg, the impacted employees will reportedly be informed about the job cuts by April 24.
According to a report by Reuters, last month, The Walt Disney Company started laying off 7,000 employees as previously announced earlier in the year.
Since the entertainment industry enthusiastically embraced video streaming and launched competitors to Netflix Inc, it has undergone a wave of retrenchment, with established media companies losing billions of dollars.
This time, the job cuts are expected to affect various departments of the company, including Disney Entertainment, which was established as part of a restructuring effort to oversee its movie and television production and distribution operations.
According to the Bloomberg report, Bob Iger, the Chief Executive Officer, restructured the company by restoring authority to creative executives and appointed Alan Bergman and Dana Walden as co-chairmen of Disney Entertainment.
According to the report, many major media companies such as NBCUniversal, Warner Bros., Discovery Inc., and Paramount Global are downsizing their workforce as Wall Street becomes more concerned with the expenses of running online video platforms rather than subscriber growth.