Bob Iger has been celebrated for returning to the Walt Disney Company as CEO. But in order to correct what Iger believes to be a failing infrastructure, a string of layoffs many describe as a bloodbath needs to continue. In order to save itself financially, Disney is making cuts everywhere by laying off, conservatively, 7,000 employees. From April 24 to the 27th, employees will be losing their jobs nearly every day.
“There is a sense of foreboding that the cuts are going to be wide, large-scale and very meaningful,” an industry source claims. Apparently this threat of unemployment has brought company morale to an all time low. No one feels safe. Others have begun to panic about what the future holds for them. Especially for those who’ve spent their lives working for Disney.
“It sucks, to be honest…Iger coming back got everyone’s hopes up for investment in people as well as creativity. Truth is if you’re not operating a ride at the parks, you could be on the chopping block. Maybe the worst part is still not knowing who is being let go, no matter how much time you put in,” a disappointed unnamed film executive said. It’s an upsetting revelation.
Apparently Hulu as an overall streaming service may be facing difficult changes. There’s rumor that Hulu will be absorbed into Disney+. The streaming service is reportedly responsible for some of Disney’s quarterly losses. Comcast still owns a stake, however. Meaning Disney would have to purchase the service in its entirety to make it a Disney+ addition. Given Iger’s focus on cutbacks and financial stability, that would seem a bit of folly to do now. Though Iger states nothing is off the table. No doubt these changes to try and refine Disney’s business is going to be a long and painful process for all involved.