“Walt Disney Company Announces Job Layoffs and Cost Cutting Measures Across Business Segments, Including ESPN and Disney Parks in 2023”

Disney is set to cut “several thousand” jobs over the next few days as part of a plan to eliminate 7,000 positions and save $5.5bn in costs. These job cuts will affect various segments within the Walt Disney Company, including ESPN, Disney Parks, Experiences and Products, and Disney Entertainment. However, hourly frontline workers employed at the parks and resorts will not be affected. In February, Disney announced its layoff plan alongside a reorganization aimed at creating a more streamlined business approach. These job cuts mark the second wave of layoffs, and a third round is expected before summer. The move comes as numerous media companies have started to rein in spending due to declining subscriber growth and prioritizing profitability.