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

Disstevefan1

Well-Known Member
You’re getting better at this. Now we just need KK lighting Star Wars on fire in the background and we have a masterpiece.
Voila!
StarWarsOnFire2.jpg
 

flynnibus

Premium Member
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.

I live through it virtually every year - it's not this big drama thing you keep highlighting.

The move is announced when it's a big one... people don't know when people are going to start getting notified
People get notified... they always have a long period on the payroll... and they stop doing their regular work
Everyone figures out who was notified (because management won't discuss who is or not)
Some months later the 'this is my last day....' emails start coming out.

This is rank and file corporate workers in a fortune 50 company. Even if escorted out, that person is still usually on the books unless fired for cause. I can't remember any situation anyone I know had their card access removed or anything. People just get removed from doing work, and of course forward looking concepts.

They have all the digital sleuthing to deal with people who try to exfiltrate data.
 

JoeCamel

Well-Known Member
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
Or in the case of TWDC IT you get the joy of training your replacement for that time......
 

Apple Core

Member
The cuts were not just in Cali entire teams at Team Disney and Maingate are also gone.
Accurate. I have friends and family members of friends who are part of these Maingate, Team Disney, and Celebration offices layoff groups at WDW. Park operations managers have also been impacted. Of course Burbank and Glendale have been severely hit, but the Florida folks I know are frustrated with media's statements like "Parks and Resorts remains mainly untouched".
 

FutureCEO

Well-Known Member
This summer season seems like such a bust. I’m very excited for the Mario movie, and Oppenheimer, cautiously optimistic for GotG3 and Spiderverse (I still remember the disappointment that was Lego Movie 2,) and that’s about it. Everything else is on the range of meh-no way. Unless something else gets stellar reviews I’m probably not going to watch it.

Cillian Murphy gets a new hat!!!! 😍
 

DCBaker

Premium Member
"Disney reached its 7,000 layoffs goal, handing out notices to the remaining employees impacted in its third round of job cuts last Friday ahead of the Memorial Day holiday weekend, Variety has confirmed.

The Mouse House’s target was to conclude these companywide layoffs, which focused most heavily on the media divisions and left the parks largely untouched, ahead of the summer.

The company still has plans to eliminate more roles internationally over a period of time, according to a source close to the situation, but Disney has now concluded the benchmark it set in February, soon after Iger’s return as CEO upon the ousting of Bob Chapek."

Full article below.

 

Indy_UK

Well-Known Member
Again, the TV and media division was hugely over bloated especially with loads still from the Fox acquisition.

Also, for the mediocre content that’s coming out from ‘The house of the mouse’ recently, they needed to cut back
 

Sirwalterraleigh

Premium Member
I'm getting ready to buy if it keeps heading in this direction.

Disney's not going anywhere, so a chance to buy discounted $DIS is decent to me.
Here’s a tip: never buy a stock when the financial people are predicting losses ahead 👍🏻

Are you really comparing Sears to Disney?
The comparison is they are Dow 30 companies who once seemed impenetrable. Does that mean Disney will collapse/be left behind? Of course not

But all things can fail and it’s often rapid.

Might want to check Kodak or GE
 

Sirwalterraleigh

Premium Member
"Disney reached its 7,000 layoffs goal, handing out notices to the remaining employees impacted in its third round of job cuts last Friday ahead of the Memorial Day holiday weekend, Variety has confirmed.

The Mouse House’s target was to conclude these companywide layoffs, which focused most heavily on the media divisions and left the parks largely untouched, ahead of the summer.

The company still has plans to eliminate more roles internationally over a period of time, according to a source close to the situation, but Disney has now concluded the benchmark it set in February, soon after Iger’s return as CEO upon the ousting of Bob Chapek."

Full article below.

My gut thinks they’ll layoff more…probably several thousand…in relatively short order. But the market has to be on the down to provide the proper cover.
They are on the down on their own based on Bob’s “brilliant leadership”
 

Sirwalterraleigh

Premium Member
Again, the TV and media division was hugely over bloated especially with loads still from the Fox acquisition.

Also, for the mediocre content that’s coming out from ‘The house of the mouse’ recently, they needed to cut back
Might want to cut back on the $1500 passes that didn’t sell and not try to sell everyone a $40 streaming package - with ads - that remind people exactly they were so gleeful to dump their cable 10 years ago too 👍🏻
 

DCBaker

Premium Member
Reuters is reporting 75 positions were eliminated at Pixar.

"Walt Disney's (DIS.N) Pixar Animation Studios has eliminated 75 positions including those of two executives behind box office disappointment “Lightyear,” sources said on Saturday, the first significant job cuts at the studio in a decade.

The cuts included "Lightyear" director Angus MacLane, a 26-year animator who was part of the senior creative team on such acclaimed films as “Toy Story 4” and “Coco.” Galyn Susman, producer of "Lightyear," also departed. Susman had been at Pixar since the release of the original “Toy Story” movie in 1995.

MacLane and Susman could not be reached for comment.

The cuts, which took place May 23, are part of Walt Disney Chief Executive Bob Iger’s previously announced plan to eliminate 7,000 jobs and slash $5.5 billion in costs. That restructuring combined the film and television groups into a single Disney Entertainment unit and eliminated a division charged with distribution.

While small compared to Pixar's employee base of about 1,200, the layoffs are significant because the studio is a creative force generating franchises and characters that drive revenue across Disney."

Full article below.

 

asianway

Well-Known Member
Reuters is reporting 75 positions were eliminated at Pixar.

"Walt Disney's (DIS.N) Pixar Animation Studios has eliminated 75 positions including those of two executives behind box office disappointment “Lightyear,” sources said on Saturday, the first significant job cuts at the studio in a decade.

The cuts included "Lightyear" director Angus MacLane, a 26-year animator who was part of the senior creative team on such acclaimed films as “Toy Story 4” and “Coco.” Galyn Susman, producer of "Lightyear," also departed. Susman had been at Pixar since the release of the original “Toy Story” movie in 1995.

MacLane and Susman could not be reached for comment.

The cuts, which took place May 23, are part of Walt Disney Chief Executive Bob Iger’s previously announced plan to eliminate 7,000 jobs and slash $5.5 billion in costs. That restructuring combined the film and television groups into a single Disney Entertainment unit and eliminated a division charged with distribution.

While small compared to Pixar's employee base of about 1,200, the layoffs are significant because the studio is a creative force generating franchises and characters that drive revenue across Disney."

Full article below.

I wouldn’t call 75/1200 small. Pixar has been conspicuously absent from these announcements strange this didn’t leak out yet
 

Jrb1979

Well-Known Member
Word is Ray Ferraro and Chris Chelios are being let go once their contact at ESPN is up. Don't get it. They just spent all this money acquiring the rights to the NHL and already are cutting back.
 

MisterPenguin

President of Animal Kingdom
Premium Member
Word is Ray Ferraro and Chris Chelios are being let go once their contact at ESPN is up. Don't get it. They just spent all this money acquiring the rights to the NHL and already are cutting back.
Wall Street has a knife to Iger's throat.

Just give us our dividends and the company doesn't have to be taken over by a corporate raider.
 

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