Disney to save $5.5 billion through layoffs

Published On: March 28, 2023 - Walt Disney Co. has begun the first leg of its planned 7,000 job cuts, a key part of a $5.5 billion savings drive the company announced in February. The reductions include plans to trim $3 billion from its budget for movies and TV shows and the rest in non-content related areas. About $1 billion of the savings are already underway. The first group of employees will be notified over the next four days, Chief Executive Officer Bob Iger said in a memo to staff on Monday. A second, larger round will happen in April, impacting several thousand workers. The last of the affected workers will receive notice before summer.