Disney has begun its third round of layoffs affecting roughly more than 2,500 employees, a recent report discloses.
The House of Mouse recently concluded its first two rounds of job cuts as the company seeks to significantly slash costs under the leadership of its Chief Executive Officer (CEO), Bob Iger.
Disney Starts Third Round of Layoffs, Report Says
Attendees are reflected in Disney+ logo during the Walt Disney D23 Expo in Anaheim, California on September 9, 2022.
As per Deadline, its sources say the Walt Disney Company kicked off its third round of layoffs, sweeping away thousands of workers in the entertainment giant.
The third wave of job cuts is part of the layoffs, which Iger believes would help cut costs in the operations of the giant firm. It is the last round of job cuts following the first two waves, which already dismissed thousands of employees.
However, the sources of Deadline claim that Disney is still planning to pursue smaller versions of job cuts in the next few months.
According to CNN, it is still being determined which departments in the House of Mouse would bid goodbye to more workers. However, Deadline notes that the Parks and Resorts division, which the last wave of cuts heavily impacted, is now spared from the latest round.
CNN sources note that Disney plans to notify the employees affected by the third round of cuts sometime this week.
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Disney Layoffs Under Bob Iger's Leadership
NEW YORK, NEW YORK - AUGUST 22: The Walt Disney company logo is displayed as traders work on the floor of the New York Stock Exchange during afternoon trading on August 22, 2022 in New York City.
As Disney navigates through this stormy sea, its big boss, Bob Iger, who returned to the giant firm after retirement, announced unfortunate layoffs across various departments.
The CEO disclosed that the House of Mouse is sweeping roughly 7,000 staffers, which is around 3 percent of the workforce, according to CNBC.
The securities filing of the entertainment giant reveals the House of Mouse employs around 220,000 employees. Most are in the US, totaling 166,000, whereas the rest in other parts of the world are about 54,000.
The first round of job cuts began last March 27, which heavily trimmed down the metaverse department of the giant firm.
Last April, the second round of layoffs slashed the workforce under various divisions in the entertainment giant. The job cuts affected employees of the sports platform ESPN and Disney Entertainment. It also trimmed the Disney Parks, Experience, and Products division staffers.
Iger aims to save costs to the tune of $5.5 billion. And to do so, he plans to let go of roughly 7,000 workers, which covers 30 percent of his goal. The other expenses he planned to cut down affect marketing, technology, and procurement.
The third wave has reportedly started, according to anonymous sources close to the matter. However, Disney has yet to respond to the report to confirm or deny it.
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