No division was sparred in CEO Bob Iger's employee purge at the Mouse house. The layoffs are taking place in three stages: starting this week, in April, and May end.
The ABC News Division lost 50 high-level employees. A corporate press release couched the downsizing as "necessary step to ensure we're on solid footing for the years ahead."
In addition to the cuts at ABC, major staff slashes are taking place at the TV production and acquisitions unit, the newly formed 'Web3/metaverse division, and Marvel Entertainment, which is shedding staff as it gets rolled up into other divisions.
Disney has massive debt (currently totaling $51.6 billion), and its business units are not generating the revenue or market growth that was previously envisioned. Coupled with a cultural shift to a 'woke' posture which has also contributed to weaker revenue at theme parks and Disney+.
A total staff reduction of 7,000 is planned throughout the company as Iger repositions the company to emphasize its core business functions.
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