Disney Announces Third Round of Layoffs Impacting 2,500 Positions

The Walt Disney Company, a global entertainment conglomerate, has announced its third round of job cuts, affecting approximately 2,500 positions. Employees at Disney who have been affected by the recent layoffs were informed this week, as reported by CNN.

As the third wave of job cuts nears its conclusion, the total number of job losses is expected to exceed 6,500, inching closer to the initial target of 7,000 reductions. It is important to highlight that Disney had a global workforce of 220,000 individuals as of October 1. Consequently, the reduction of 7,000 positions represents approximately 3 percent of the company's total employee base.

The latest wave of reduction has not yet indicated which departments would be affected.

The initial two rounds of layoffs occurred in March and April, leading to the elimination of approximately 4,000 jobs. These cuts had a significant impact on various divisions within the company, including ESPN, Disney's entertainment division, as well as Disney Parks and its Experiences and Product division.

In order to cut $5.5 billion in expenses, Iger said in February that the media powerhouse would lay off 7,000 employees in three waves before the start of the summer.

According to the corporation, lower expenditure on technology, procurement, and other costs accounts for 20% of the cost savings, with the remaining 50% coming from marketing operations and 30% from staff reductions.

The next round of layoffs this week are expected to bring the total number of job losses to more than 6,500, near to the 7,000 figure previously disclosed by Iger. As of October 1, Disney had 220,000 employees; so, the 7,000-person reduction represented nearly 3% of the company's total workforce.