News outlets are reporting that Disney has completed its third and final round of sweeping layoffs across the company as they look to slash costs.
Variety confirmed today that the third and final round of layoffs across the media division of The Walt Disney Company was completed on Friday May 26, just before the Memorial Day weekend. The approximately 3000 additional job cuts built on the 4000 previously completed in March and April as part of a sweeping cost cutting measure announced by CEO Bob Iger earlier this year. Disney aimed to cut $5.5 billion in spending including $2.5 billion in “non-content costs.”
This has included the removal of dozens of titles from Hulu and Disney+ in a cost-cutting measure. CEO Bob Iger intends to meet $5.5 billion in reductions when the bulk of these actions are complete. Overall, entertainment saw a 15% reduction, the dissolution of Disney TV Studios marketing, with Freeform & ABC executive layoffs.
Around 3.2% of the company’s 220,000 global employees were affected. The Parks division was largely unaffected, and no frontline Cast Members were laid off as a result.
Executives at The Walt Disney Company were asked by Iger to identify thousands of potential layoff candidates in an effort to cut nearly $5.5 billion in costs. Iger is reportedly on “a push for profitability” as his return to the company continues and the letting go of executives is reportedly just the start.
The first round of layoffs began in late March. Senior Vice President of Production for Hulu, Mark Levenstein, and Senior VP of Production Management & Operations For Freeform, Jayne Bieber, were among the first executives to be let go. Also laid off was VP of Corporate Communications for The Walt Disney Company, Jeffrey R. Epstein, and Marvel Entertainment Chairman, Ike Perlmutter. Disney’s “Metaverse” team was also terminated.
The company’s restructuring comes after previous CEO Bob Chapek was fired last November. Though many changes have already been made within the company after his exit, the stock price continues to be an issue. The majority of job cuts waited until after the April 3 shareholders meeting.