According to a new report by Business Insider, The Walt Disney Company has some not so magical news. Reportedly, the company is planning to cut about 7,000 jobs and 4,000 employees will be out of work sometime in April.
The cuts were announced by CEO Bob Iger during the company’s first-quarter earnings call in February, as Disney looks to save billions by restructuring the company, cutting content, and trimming payroll.
It’s unclear if any jobs in Florida will be affected by the cuts. Some layoffs are expected for the Disney Parks, Experiences and Products division. However, the cuts likely will not affect frontline workers at Disney’s theme parks, according to an email Disney Parks Chairman Josh D’Amaro sent to employees in February.
“While our teams have made great progress in contributing to cost savings, these measures affect every segment and organization — including ours — and are vital as we implement more cost-effective, coordinated, and streamlined operations,” D’Amaro said in an email to employees.
State records show Disney has not filed any mass layoff notices with the Florida Department of Economic Opportunity as of Monday. Federal law requires companies to file notices 60 days in advance of layoffs affecting 50 or more workers. Iger has praised the performance of Disney’s theme parks in recent quarters, saying “demand on the parks is extraordinary right now.”
According to Disney Chief Financial Officer Christine McCarthy, the overhaul is expected to save $5.5 billion, cutting $1.5 billion in operation costs and another $3 billion from reductions in non-sports content.
The company also said it would pull back on general entertainment aimed at adults, and is evaluating options for what to do with Hulu, the streaming service that specializes in general-entertainment shows and is two-thirds owned by Disney, one-third owned by Comcast Corp.
Under the terms of Disney’s 2019 purchase of its share of Hulu, either party has the right to force a sale of the company starting at the beginning of next year.
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