![]() This is a time of transition for Disney, and these changes affect everyone, whether or not your role is impacted. We recognize that it has been a period of uncertainty and thank you all for your understanding and patience. The senior leadership teams have been working diligently to define our future organization, and our biggest priority has been getting this right, rather than getting it done fast. These are hard decisions and not ones we take lightly – but every decision has been made with considerable thought, and we are doing everything we can to make sure this process is conducted with respect and compassion. In addition, restructuring in various businesses will continue for the next couple of months, and we do anticipate there will be further impacts before the summer, as previously shared. Each team is in a different place in this process, and your leaders will be sharing more context for your group soon. We wanted to share that notifications will continue in many areas of the company over the next several days. Here is the full memo from Bergman and Walden:Īs you all know, a few weeks ago the company began notifying employees whose roles are impacted as part of our overall business realignment and cost-savings efforts. After several quarters of growth, flagship service Disney+ also moved backwards for the first time, shedding 2.4 million subscribers to end the quarter at 161.8 million. The loss was an improvement over the previous quarter, which saw a $1.5 billion red figure. In the most recent quarter, the company booked a $1 billion loss in streaming, despite record-setting revenue of $5.3 billion. Like its peers in the media business, Disney is contending with secular decline in its lucrative pay-TV business at the same time it is trying to continue funding its streaming efforts despite their still-murky economics. Kareem Daniel, who led Disney Media and Entertainment Distribution, was let go from the company on Iger’s first official day back at the controls following Chapek’s ouster. One area targeted for cuts has been the centralized distribution organization created by his predecessor, Bob Chapek. No frontline operational workers at the company’s theme parks are expected to lose their jobs, however.ĬEO Bob Iger began outlining plans for downsizing soon after returning to the top job last November. ESPN and Parks, Experiences and Products, the other two corporate divisions, will see staff cuts along with Entertainment. The company said last February it expects to realize $5.5 billion in cost savings as a result of the layoffs and other austerity measures. This week’s staff reductions have been anticipated for weeks, with workers referring to it as “the big one” or, more ominously, a “bloodbath,” as Deadline has reported. 'Bluey' Episode Edited By ABC & BBC Studios After Viewers Complained About "Fat Shaming"
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