News Bob Iger outlines the need to transform the Walt Disney Company resulting in 7000 job losses and $5.5 billion in cost savings

[Trauma]

Markets are up.

Disney is down.

Bob Iger is a clown.

 

[tallica]

You said "The only division of Disney that is currently profitable is the parks division."

The cable entertainment networks are profitable. ESPN is profitable. ABC is profitable. ABC News as a standalone venture is profitable. Theatrical distribution is profitable. Consumer Products are profitable.

"Shrinking" does not mean "unprofitable."

Everything in the company is profitable except streaming.

True, but I think there is some creative book keeping going on also.

 

[MisterPenguin]

True, but I think there is some creative book keeping going on also.

Illegal bookkeeping?

 

[HauntedPirate]

Comcast, Disney disagreed on how much Hulu is worth: Report

Disney and Comcast were reportedly at odds over the valuation of Hulu in recent years. Comcast could require Disney to buy out its stake in the streamer as early as January 2024.

finance.yahoo.com

Interesting, but not shocking at all, to read that Comcast and Disney have valuations of Hulu that are much different. We'll just have to wait until early in 2024 to find out what it's valued at by 3rd parties that each will employ.

 

[HauntedPirate]

Illegal bookkeeping?

No, no, "creative" bookkeeping. Much different. Like someone who appeared to have been stabbed but actually just fell on a knife 12 times.

But seriously, there is a lawsuit against Chappie and others for their bookkeeping and allegedly shifting and hiding things to make D+ losses look smaller. I doubt there's much merit to it, but it's enough to keep the theories afloat.

 

[tallica]

Illegal bookkeeping?

No don’t think it is illegal, just padding the books to make things look better than they really are which seems to be the norm in corporations lately. Not just Disney.

 

[Lilofan]

True, but I think there is some creative book keeping going on also.

Magical bookkeeping

 

[asianway]

Former DLR President Rebecca Campbell would still be employed if she did not accept the promotion to be Chairman of Int'l Operations which position was eliminated and she was one of the execs being let go.

Always the risk when you take a promotion. More money = bigger target

 

[Vegas Disney Fan]

Sorry to hear that, hopefully she can find another role in the near future.

Had to reply again because she got a job tonight and we’re both so excited. She applied online for a job at a fairly new mortgage company yesterday and when the owner saw her application he recognized her name, he’s a former coworker of hers from about a decade ago. He called her tonight and they talked for a while and he hired her on the spot.

One door closes, another opens.

 

[TP2000]

Affected employees were not LAID OFF this week, they were given notice this week that they'd be laid off in late July.

Huh???

For those laid off last month or this week, upon notification they were fired, surely they had their ID deactivated and their office cleared out and any company property confiscated (laptops, iPhones, etc.) and they are no longer allowed to access Disney offices or backstage areas.

And they’re no longer going in to work, although a 60 day window of active health insurance may be in effect before COBRA coverage kicks in.

When a company lays people off, they don’t let you keep coming in to work for another two months to access internal email and company resources and property. That’s just asking for sabotage, if not outright theft for the employer that just fired you. Not to mention a hell of a lot of drama in the break room.

 

[Lilofan]

Huh???

For those laid off last month or this week, upon notification they were fired, surely they had their ID deactivated and their office cleared out and any company property confiscated (laptops, iPhones, etc.) and they are no longer allowed to access Disney offices or backstage areas.

And they’re no longer going in to work, although a 60 day window of active health insurance may be in effect before COBRA coverage kicks in.

When a company lays people off, they don’t let you keep coming in to work for another two months to access internal email and company resources and property. That’s just asking for sabotage, if not outright theft for the employer that just fired you. Not to mention a hell of a lot of drama in the break room.

Not exactly. Former DL President Rebecca Campbell who took a promotion to be Chairman of Int'l Operations whose position is eliminated was told of her job loss in Feb. Iger asked her to stay until June which she agreed. She should have stayed as DL President.

 

[CaptainAmerica]

Huh???

For those laid off last month or this week, upon notification they were fired, surely they had their ID deactivated and their office cleared out and any company property confiscated (laptops, iPhones, etc.) and they are no longer allowed to access Disney offices or backstage areas.

And they’re no longer going in to work, although a 60 day window of active health insurance may be in effect before COBRA coverage kicks in.

When a company lays people off, they don’t let you keep coming in to work for another two months to access internal email and company resources and property. That’s just asking for sabotage, if not outright theft for the employer that just fired you. Not to mention a hell of a lot of drama in the break room.

None of that is correct. You don't know what you're talking about.

People are still attending meetings. Not every meeting, but they're transitioning their work over the next two months. They weren't escorted out or had their badges deactivated. They could take a trip to Walt Disney World using their discounts and Main Entrance Passes if they wanted to. Their emails still work.

I'm sure some people who were deemed risky or volatile were escorted out, but I know lots of people who were notified on Tuesday who are still working. They're not working full days and some are choosing to work from home, but they're getting their full salaries and are still full employees until late July.

 

[Skibum1970]

Huh???

For those laid off last month or this week, upon notification they were fired, surely they had their ID deactivated and their office cleared out and any company property confiscated (laptops, iPhones, etc.) and they are no longer allowed to access Disney offices or backstage areas.

And they’re no longer going in to work, although a 60 day window of active health insurance may be in effect before COBRA coverage kicks in.

When a company lays people off, they don’t let you keep coming in to work for another two months to access internal email and company resources and property. That’s just asking for sabotage, if not outright theft for the employer that just fired you. Not to mention a hell of a lot of drama in the break room.

Technically, when it's a large reduction in force, the company has to provide a specified number of days notice, varying by state. Usually, it's around 60 days notice and typically involves a severance package. Many companies will reduce some of the responsibilities of those impacted but the employees still have to go in to work. Otherwise, the ee's are considered to have quit and will not receive the severance. I've been on the side that was not RIF'd and, yes, it was awkward.

 

[flynnibus]

When a company lays people off, they don’t let you keep coming in to work for another two months to access internal email and company resources and property. That’s just asking for sabotage, if not outright theft for the employer that just fired you. Not to mention a hell of a lot of drama in the break room

Well you don’t know how it works then

You typically are kept an employee during the 60 days, usually told to stop working and focus on either finding a new role or focusing on the placement services. Then after that true last day, you are cut off from resources and then that’s where your payouts and severance starts, enroll in cobra etc.

Yes sometimes there are binary cutoffs.. but it’s not the norm in a large corp layoff.

There sre other hybrid versions of this too where you technically are an employee, but restricted, etc.

The 60 day employee thing is a convenient way to broadly cover most us employment issues.

It differs in other countries as well

 

[TP2000]

Well you don’t know how it works then

You typically are kept an employee during the 60 days, usually told to stop working and focus on either finding a new role or focusing on the placement services. Then after that true last day, you are cut off from resources and then that’s where your payouts and severance starts, enroll in cobra etc.

Yes sometimes there are binary cutoffs.. but it’s not the norm in a large corp layoff.

There sre other hybrid versions of this too where you technically are an employee, but restricted, etc.

The 60 day employee thing is a convenient way to broadly cover most us employment issues.

It differs in other countries as well

That’s the scenario that I’ve seen before, but not the one Captain America laid out;

Thousands of people laid off, but still told to come into work for two months with full access to intellectual property and emails and physical offices. Just the drama in the break rooms alone would be disruptive and damaging, not to mention the ability to access company intel and info a disgruntled employee may want.

The situation of someone like Rebecca Campbell, a senior exec with a contract, is different than laying off a few thousand cubicle workers and middle managers.

 

[TP2000]

Technically, when it's a large reduction in force, the company has to provide a specified number of days notice, varying by state. Usually, it's around 60 days notice and typically involves a severance package. Many companies will reduce some of the responsibilities of those impacted but the employees still have to go in to work. Otherwise, the ee's are considered to have quit and will not receive the severance. I've been on the side that was not RIF'd and, yes, it was awkward.

Thank you. I was the one who mentioned the WARN notices, or complete lack thereof from Florida, for the previous rounds of layoffs in March and April. The previous rounds were below the threshold of reporting of 100 people for Florida.

Thus, so far the 7,000 layoffs appear to disproportionately be impacting California sites/campuses, and mostly sparing Florida sites.

 

[asianway]

None of that is correct. You don't know what you're talking about.

People are still attending meetings. Not every meeting, but they're transitioning their work over the next two months. They weren't escorted out or had their badges deactivated. They could take a trip to Walt Disney World using their discounts and Main Entrance Passes if they wanted to. Their emails still work.

I'm sure some people who were deemed risky or volatile were escorted out, but I know lots of people who were notified on Tuesday who are still working. They're not working full days and some are choosing to work from home, but they're getting their full salaries and are still full employees until late July.

I can corroborate this statement Cap is 100% correct

 

[hopemax]

That’s the scenario that I’ve seen before, but not the one Captain America laid out;

Thousands of people laid off, but still told to come into work for two months with full access to intellectual property and emails and physical offices. Just the drama in the break rooms alone would be disruptive and damaging, not to mention the ability to access company intel and info a disgruntled employee may want.

The situation of someone like Rebecca Campbell, a senior exec with a contract, is different than laying off a few thousand cubicle workers and middle managers.

My DH, works in tech, has been laid off 5 times. Only 2 of the times were “get out today.” Only one of the 5 was your access is shut off immediately. The one during pandemic.

 

[Disstevefan1]

Markets are up.

Disney is down.

Bob Iger is a clown.

 

[Jrb1979]

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