The Walt Disney Company will be laying off thousands of employees as a part of a new round of cost cutting measures, CEO Bob Iger revealed today.
Speaking on the House of Mouse’s Q1 earning call this afternoon with CFO Christine McCarthy, Iger said that 7,000 jobs would be let go from the now 100-year-old company. “I have enormous respect and appreciate for the dedication of our employees worldwide,” Iger said. “While this is necessary to address the challenges we face today, I do not make this decision lightly.” Larger than anticipated, the layoffs will be across almost all of Disney’s empire.
However, with domestic employees hit the hardest, the cuts will be fairly light in the company’s thriving Parks and Resort division.
No stranger to job losses over the past three years in various contexts, Disney has about 220,000 employees globally — which would see today’s cuts effect just over 3% of the company.
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