As a seasoned movie enthusiast who has witnessed the evolving landscape of Hollywood, I can’t help but feel a pang of nostalgia when I hear about the layoffs at Disney. I remember the magic that was woven through their stories, the joy they brought to millions, and the sense of community they fostered among film lovers worldwide.
As a devoted cinephile, I learned on Wednesday that Disney had to make some tough decisions and let go of around 140 employees from their Television Division – which accounts for about 2% of their total workforce.
While no entire teams are getting disbanded, National Geographic, local TV stations, Freeform, and their respective marketing and PR departments are likely to experience significant reductions or layoffs.
National Geographic is set to downsize its workforce by approximately 13%, affecting around 60 employees. This move comes after Disney’s acquisition of the renowned nature and history brand, which was part of Disney’s $71 billion purchase of 21st Century Fox in 2019.
Earlier this year, Disney’s CEO Bob Iger announced plans to significantly cut back on expenditures for conventional TV programming, particularly content intended for traditional networks. This decision comes after feeling that the company has over-invested in streaming services. Some of Disney’s popular television series include “Shōgun” on FX, “The Bear” on Hulu, and “Grey’s Anatomy” on ABC.
Disney has been implementing cost-cutting measures aimed at reaching a goal of $7.5 billion in savings. In May, Pixar Animation, one of its film division’s branches, reduced its workforce by about 175 employees (representing 14% of the team), as part of these efforts. This reduction was mainly due to instructions to reduce investment in direct-to-consumer series and focus more on feature films. In 2023, Disney decided to let go of around 3.6% of its global workforce (about 8,040 employees) in an attempt to decrease expenses.
More to come…
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2024-07-31 22:17