Following the elimination of 7,000 jobs in February, entertainment conglomerate Disney is once again cracking the whip on its employees.
The company has reportedly directed managers to propose budget cuts and compile lists of employees who will be laid off in the coming weeks.
The company didn’t reveal whether it would eliminate jobs in batches or all at once, but as per a Business Insider report, the company will cut down on 4,000 current employees sometime in April.
The planned job cuts were announced ahead of Disney’s annual meeting on April 3.
The entertainment giant also announced a reduction in general entertainment aimed at adults and said it is considering options for what to do with Hulu, the streaming service that specialises in entertainment shows and is owned two-thirds by Disney and one-third by Comcast Corp, the report said.
In February, CEO Bob Iger announced to lay off 7,000 employees as Disney looks to save billions of dollars by restructuring the company, cutting content, and trimming payroll.
Disney expects to deliver approximately $3 billion in savings over the next few years, excluding sports.
He said that under the strategic reorganisation, there will be three core business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.
“This reorganisation will result in a more cost-effective, coordinated, and streamlined approach to our operations, and we are committed to running our businesses more efficiently, especially in a challenging economic environment. In that regard, we are targeting $5.5 billion of cost savings across the company,” said the CEO.
(With inputs from IANS)