Didn’t they just enforce a 4 day in-office work week? I’d gladly get laid off from them
And work where? Market seem to suck
Not saying there aren’t redundancies that will help bottom line when cut, but those 7k will barely dent the $5.5B he’s trying to save annually
Assuming avg tc is 150k that's almost 20% of his target
Well I’ve gotten couple networkings that are in technical roles that got laid off from Disney today. But not sure if all those 7K will be corporate roles in tech
I am currently in a SaaS company. Pretty much all our customers are trying to cut costs and slow down spendings as of now. It is like 2x-3x harder to land a new deal compared to 2021, no one wants to spend extra money. This is across many industries like Tech, Health, Manufacturing, Finance, etc. People expect recession -> people slow down spending/expansion -> a real recession. Tech just get hit first because over hiring and stock crash. Eventually layoff will be spread everywhere.
They need to prepare $9 billion for Comcast in case we decide to invoke our put/call for Hulu. That was a bad deal for Disney to begin with, orchestrated by none other than Iger himself.
Iger did also lead the acquisition of Pixar, Lucas Film and Marvel. So the acquisition of Hulu, may have been a “bad investment” but actually from a strategy standpoint, was smart because it helped expedite DTCI to get to where they are today.
No surprising, they do that every years.
If you recall, the previous Disney CEO was replaced a few months ago, plus many of the execs that were brought in under that previous regime. Iger was brought back in to adjust the top level business strategy which brought about a major re-org. Plus, mid last year, Disney had to ramp up its comp packages to remain competitive with MAANG companies because of attrition to those companies. Don’t forget that Disney has a big tech presence…ESPN+, Disney+, Hulu, etc. and there is a big shift towards digital streaming versus broadcast, exacerbating the need for a heavier tech strategy. So, yes, Disney is very much affected by the overall tech industry as well as the economy and a shift in strategic direction causing a massive re-org, all of which feed into the layoffs.
I mean, it can be explained as you will. The truth is that Disney re-org and layoffs every years… You’re right that he’s cleaning up the old gang to put his.
Yeah, but this is the most massive since Chapek first took things on in 2020 and when Disney Streaming started back in 2018. The OP said they “didn’t understand why Disney” so I was just trying to provide context as someone who works at Disney.
Disney trying to follow big tech company trend.
Nah, Disney is a layoff factory. They have done that religiously.