Earlier this year, entertainment giant the Walt Disney Company announced it would cut 7,000 jobs in a phased layoff comprising three rounds.
As CNBC reports, next week will see the second phase of those layoffs begin and it will include job cuts at Disney-owned sports giant ESPN.
In March, the first round of Disney job cuts was initiated by the company, and those cuts impacted its metaverse strategies unit and the company’s Beijing office.
The second round of jobs cuts next week will hit ESPN and, as Bloomberg notes, they will also hit about 15% of Disney’s entertainment division staff; they will impact employees who work in television, film, and theme parks.
The cuts will occur across the company’s business segments, including Disney Entertainment, ESPN and Disney Parks, Experiences and Products, according to the sources, but are not expected to affect the hourly frontline workers employed at the parks and resorts.
Disney announced its layoff plan in February, together with a sweeping reorganization that restructured the company and returned decision-making to Disney’s creative executives. Its goal is to create a more streamlined approach to its business.
The entertainment industry has retrenched since its early euphoric embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix Inc (NFLX.O).
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