Disney to give pink slip to 2,500 employees in third round of layoffs
Entertainment giant Disney has started its third round of layoffs that will affect over 2,500 employees across the board, a report by news agency IANS said on Tuesday. Although Parks and Resorts remain largely untouched, no particular division is being targeted by pink slips this week, it said.
As a part of a cost-cutting measure, the company began removing dozens of titles from its streaming platforms this week. According to the report, the television division, which was hit hard in the second round of job cuts, is largely spared this time with a small number of layoffs.
Moreover, the report mentioned that the new round of job cuts comes as media companies struggle to deal with the effects of the ongoing writers' strike, which has stopped the development and production of films and television shows.
The first round of layoffs began in March when Disney CEO Bob Iger announced three rounds of layoffs as the company aims to reduce its workforce by around 7,000 workers.
In April, Disney kicked off its second round of layoffs, affecting 4,000 employees.
The entertainment giant revealed in February that it expects to save $5.5 billion as a result of layoffs and other cost-cutting measures.