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Economy

Disney to Lay Off 7000 Employees as CEO Bob Iger Slashes Spending Amid Profitability Crisis

2023-02-11

[Breitbart] The happiest place on Earth is swimming in a sea of red ink and pink slips.

The Walt Disney Co. is eliminating 7,000 jobs worldwide, or more than 3 percent of its workforce, as CEO Bob Iger aims to slash a stunning $5.5 billion in spending in an attempt to save the once formidable company.

Bob Iger announced the cuts Wednesday during Disney’s first quarter earnings report, saying it was not an easy decision to make. "I have enormous respect and appreciation for the dedication of our employees worldwide," he said. "While this is necessary to address the challenges we face today, I do not make this decision lightly.

Disney employs around 220,000 people worldwide, meaning the layoffs will impact 3.2 percent of the company. The layoffs are expected to hit U.S. employees the hardest, with the "DMED" team — or Disney Media and Entertainment Distribution — bearing the brunt of the cuts.

DMED encompasses Disney’s streaming initiatives, including the Disney+ streaming service. In November, Disney reported that its streaming services lost a mindboggling $1.5 billion in the fourth quarter alone as the company attempted to spend its way to streaming dominance.

Disney’s layoffs are part of a larger media industry bloodbath that has seen competitors including Warner Bros. Discovery, Paramount Global, and Netflix slash their headcount in the face of a weak consumer sentiment brought on by runaway inflation and the prospect of a prolonged economy under President Joe Biden.

Posted by:Besoeker

#7 After watching the disgusting, hate-filly lies of the "Proud Family" animated rant, I hope they lose everything. Some things cannot be forgiven!

https://www.youtube.com/watch?v=bzPi9FNgUu0

Posted by: NoMoreBS 2023-02-11 14:51

#6 I moved to ORL in the mid-90's and while looking for work was regularly warned about working at "The Happiest Place On Earth."

They treated their employees (probably different for "protected classes" though) like crap.

Not at all bothered by their financial woes. Maybe it is time to thaw out Walt?

Posted by: Anomalous Sources 2023-02-11 14:12

#5 Well, it's a good thing isn't it? I hope they go belly up and have to resort to lap dances by furries for sick men identifying as kids.

Thanks to more and more Wakandan fights at Disneyland [hilarious by the way], it had become an unsafe place to take your children anyway I'll bet.

Posted by: Dron66046 2023-02-11 13:35

#4 Agree with #2 ed in texas. I've lived through quite a few corporate downsizings, and they never get rid of the right people. The political favorites, who often do the most damage through either ignorance or malice or both, always manage to survive.

Posted by: Tom 2023-02-11 13:30

#3 Thought your children's TV cartoons were innocent and fun? CJ PEARSON exposes how Disney is using them to brainwash your kids with woke, offensive nonsense - and insists: For their sake, it's time to fight back

Posted by: Skidmark 2023-02-11 12:47

#2 I'm betting he chooses the wrong people.

Posted by: ed in texas 2023-02-11 10:22

#1 Were they all Trannies, or did they cull the mostly normal's instead?

Posted by: NN2N1 2023-02-11 07:48

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