Conglomerate companies are once again seen shedding workers as a way to reduce their operating costs, and this time it's Disney's turn with the announcement that they will shed up to 7,000 jobs in stages.
Bob Iger, CEO of Disney this week has announced that a number of employees will be laid off starting this week. Disney has around 220 thousand employees, of which 166 thousand are in the United States alone.
The first round of layoffs will take place this week, with Disney managers announcing the details to affected workers. The second round of layoffs will take place in April, which is said to be the largest round of layoffs involving several thousand jobs, and the third round in the summer.
The 7,000 layoffs are seen as a way for Disney to cut $5.5 billion in operating costs that include spending $3 billion in content, most likely related to their Disney+ content streaming service.
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BUSINESS & MONEY