Disney set to layoff thousands this week

This week, The Walt Disney Company is faced with a challenging transition as they layoff thousands of employees while engaging in a heated debate with Florida Governor Ron DeSantis.

The Burbank-based entertainment giant has revealed a $5.5 billion cost savings proposal, which is the most significant shake-up since former CEO Bob Iger’s return in November, who declared the elimination of 7,000 positions in the start of the year. After carrying out this round, they have already let go of 4,000 of the said positions.

The job cuts have affected a variety of business segments, including Mike Soltys, ESPN VP/Corporate Communications and the network’s longest serving employee.

Even though the layoffs account for approximately three percent of Disney’s worldwide workforce, the extent of the job cuts is not known as the company employs around 100,000 staff in the US.

Notably, Disney is using the special legal privileges it has held for years at the Reedy Creek Improvement District, which covers 40 square miles of land owned by the company, to oppose the ‘Don’t Say Gay’ bill which was passed by DeSantis in March. This bill, which disallows classroom teaching on gender identity, has created a fierce disagreement between the two parties.

As part of Iger’s plan, $3 billion will be cut from content while the remaining $2.5 billion will come from non-content.

This new leadership in Disney has seen him appoint a number of creative executives, including Dana Walden and Alan Bergman, to bring control back to the troubled corporation.

Disney is attempting to reach its goal of job eliminations by the start of summer and their efforts are evident. Even though it is difficult for those affected, the company is striving to improve their situation in the long run.