Disney is moving forward with more employee layoffs, this time affecting its product and technology division. According to The Wrap, these cuts will reduce the company’s workforce by another two percent. Disney has said that the product and technology division is important for its future, but the layoffs are still taking place.
This is not the first time Disney has made cuts this year. Earlier this month, the company let go of several hundred workers from marketing, television publicity, casting, and development departments. That was the fourth round of layoffs in the past ten months. In March, Disney cut 200 jobs from the ABC News Group and Disney Entertainment Networks unit.
Despite overseeing failure after failure, Disney CEO Bob Iger’s compensation more than doubled last year, reaching $31.6 million, a significant increase from $15 million in 2022, as outlined in a Disney SEC filing. His 2023 pay included a base salary of $865,385, stock awards totaling $16.1 million, $10 million in stock option awards, $2.1 million in performance-based compensation, and $2.48 million in other pay. This spike in compensation contrasts with Disney’s ongoing financial and creative struggles.
The company has been reducing its workforce for several years as it tries to lower costs. The entertainment industry is changing quickly, and streaming services are facing new challenges. In August 2024, Disney eliminated 140 jobs in its entertainment divisions, including ABC television. The largest round of layoffs happened in 2023, when Disney let go of about 7,000 employees.
***
Karina Smitt
I'm not as much of a "CoMiCs NeEd MoAr DiVeRsItY & iNcLuSiOn" advocate as my girlfriend often is, but we both love funny books, crispy bacon, straight bourbon and hip hop. Add yet, we never vote the same, so we cancel each other out... and that works perfectly in my book!
English (US) · 