Disney to lay off 4,000 employees in April as part of cost-cutting measures: Report

Disney is reportedly taking further steps to reduce costs and restructure the company. Following the layoff of 7,000 employees in February, managers have been directed to propose budget cuts and compile lists of employees who will be laid off in the coming weeks. While the company has not yet confirmed whether the job cuts will be implemented in batches or all at once, sources suggest that 4,000 current employees will be cut down sometime in April.

These planned job cuts were announced ahead of Disney's annual meeting on April 3. The entertainment giant is also considering options for what to do with Hulu, the streaming service that specializes in entertainment shows and is owned two-thirds by Disney and one-third by Comcast Corp. Additionally, Disney has announced a reduction in general entertainment aimed at adults.

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These cost-cutting measures reflect the challenges facing the entertainment industry, especially during the ongoing pandemic. Despite being a well-known and well-established company, Disney is facing increased competition in the streaming industry, which could be a major factor in the decision to streamline operations and cut costs.

CEO Bob Iger had previously announced plans to lay off 7,000 employees, aiming to save billions of dollars by restructuring the company, cutting content, and trimming payroll. He stated that the strategic reorganization would result in a more cost-effective, coordinated, and streamlined approach to operations. Iger emphasized the company's commitment to running its businesses more efficiently and targeting $5.5 billion of cost savings across the company.

(With inputs from IANS)