A new report from the Wall Street Journal says that Disney is looking to cut positions, up to 1,000 layoffs under new CEO Josh D’Amaro. The layoffs would begin in the coming weeks, according to the report. The layoffs come as Disney adjusts to the shift in smaller streaming profits as liner continues to dwindle. Here’s the latest.
Disney Planning 1,000 Layoffs Under New CEO Josh D’Amaro
According to the Wall Street Journal, Disney will be making cuts, laying off up to 1,000 people in the coming weeks. The report says that many of the layoffs will be in the recently consolidated marketing department, but an exact breakdown was not provided. Disney has not announced layoffs itself, and it is unclear whether or not they would be required to report the layoffs.
This round of layoffs would be the biggest move under newly minted CEO Josh D’Amaro. The WSJ says that Disney has laid off more than 8,000 people since former CEO Bob Iger returned to the position in 2022.
The report didn’t list any layoffs for the Disney Experiences division, which includes the theme parks and Disney Cruise Line. Some 80% of all people employed by Disney are in the Experiences division.
The layoffs come after the marketing division was consolidated back in January under Chief Marketing Officer Asad Ayaz. This consolidation included all of Disney’s major divisions – Experiences, Entertainment, and Sports.
According to the report, the consolidation of the marketing silos into a single department was known internally as Project Imagine.
The report says that Disney has been working with consultants from Bain & Co. to strategize its cost-cutting.
The layoffs were feared internally as D’Amaro looks to have different divisions collaborate more quickly and efficiently.
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