Another giant layoff: Walt Disney to cut 7,000 jobs

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NEW DELHI: Companies are announcing massive layoffs one after another to curb costs and average layoffs. Layoffs have also begun at global company Walt Disney. According to Walt Disney Chief Executive Bob Iger, the company has decided to lay off 7,000 employees to control costs and create a more streamlined business.

The layoffs will affect some of the company's key divisions, such as Disney Entertainment, Disney Parks, Experiences & Products, and Corporate. Retrenchment has started in the company from Monday.

According to Iger, information is being sent to all employees who will be laid off in the next four days. Now after this, the second round of lay-offs will take place in the month of April. The second round of layoffs will be bigger than the first. Interestingly, this second phase may be announced before the company's annual meeting of shareholders on April 3.

Disney announced 7,000 layoffs in February. The company has taken this decision to save 550 million dollars (Rs. 45 thousand crores) in costs and make the streaming business profitable.

The entertainment industry is currently going through a serious crisis. This is happening not only with Disney but also with Netflix. Last year, in 2022, Netflix posted its first loss in ten years.

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