Disney’s Q1 FY23 Earnings Results Webcast - Wednesday, Feb 8, 2023

[TP2000]

They've had a hiring freeze for three months. They almost certainly have open headcount in the thousands.

I think you're right, directionally. I just think "vast majority" is too strong.

With this big of a number, they'll have to file them with the government. And the LA media that covers the home town industry like a hawk will report the numbers once they start rolling in.

If Iger announced 7,000 layoffs today, that's going to be thousands of people currently employed by Disney who soon won't be.

Many of them in Burbank.

 

[brb1006]

Disney/Pixar films have really not produced many "good", memorable villains of late. I mean not actual villains that are not just an overbearing family member, one's own inner demons, or fear itself.

Apparently "Wish" is going to have a decent villain.

 

[SteamboatJoe]

Well since those were the exact networks they bought from Fox and were forced to sell to avoid antitrust concerns… no I don’t think so.

They don't need to acquire them. They could create ESPN+Los Angeles or ESPN+MLB as new, competitor products and swoop in if the leagues who have deals if the Bally RSNs flounder.....perhaps?

EDIT: Rumor is MLB is so concerned they may bring it all in house to MLB.TV and remove blackout restrictions.

 

[MisterPenguin]

But the vast majority of these 7,000 layoffs will be people currently earning a paycheck from Disney in February who will no longer be earning a paycheck from Disney by April.

It may surprise you to learn that we know what a layoff is.

Anyhoo, this being reported as 7,000 layoffs is a boon for Iger and Disney. It's what Wall Street wants. Whether that 7,000 comes from hiring freezes, reduction in international content production, or reorganization doesn't matter.

 

[SteamboatJoe]

Apparently "Wish" is going to have a decent villain.

Good. I haven't seen Strange World or Lightyear but I feel like the last true, traditional villains with personality were Ercole and Screenslaver.

 

[MisterPenguin]

 

[TP2000]

As a point of reference for what 7,000 layoffs mean, the last big layoff round for Disney was in 2009. At that time, they laid off less than half of today's announced total. But a big chunk of those were in Parks, where 1,900 salaried jobs were eliminated in Anaheim and Orlando between February and April of 2009.

Disney cuts 1,900 jobs at theme parks

Disney eliminates about 1,900 jobs at its domestic theme parks

www.latimes.com

A few hundred jobs were also eliminated at ESPN and ABC-TV back in early '09.

January 2009 Layoffs

January layoffs have exceeded 160,000 at America's largest companies.

www.forbes.com

 

[wtyy21]

If anyone speaking about the new Disney Entertainment unit, this is how the logo might be appear officially. Not sure whether they'll use it officially because the reorganization into three divisions (ESPN become separate division but Disney Parks division remain as it is) was take effect immediately.

 

[TP2000]

It may surprise you to learn that we know what a layoff is.

Are you sure?

Because a few months ago you said this to several of us over in another thread who dared to use the word "layoff" in a sentence.

Well, we'll see from social postings all these non-layoffs layoffs that people think are going to happen.

 

[MisterPenguin]

As a point of reference for what 7,000 layoffs mean, the last big layoff round for Disney was in 2009. At that time, they laid off less than half of today's announced total. But a big chunk of those were in Parks, where 1,900 salaried jobs were eliminated in Anaheim and Orlando between February and April of 2009.

Disney cuts 1,900 jobs at theme parks

Disney eliminates about 1,900 jobs at its domestic theme parks

www.latimes.com

A few hundred jobs were also eliminated at ESPN and ABC-TV back in early '09.

January 2009 Layoffs

January layoffs have exceeded 160,000 at America's largest companies.

www.forbes.com

7,000 is about 3.5% of Disney's workforce.

For comparison:

 

[MisterPenguin]

Are you sure?

Because a few months ago you said this to several of us over in another thread who dared to use the word "layoff" in a sentence.

Mostly because of yours and others and the media's dishonesty in reporting "layoffs when "layoffs" weren't actually announced.

Mind you, that was three months ago and those "layoffs" haven't materialized yet.

We'll see what actually goes down when Disney has to report numbers to CA and FL.

 

[TP2000]

Mostly because of yours and others and the media's dishonesty in reporting "layoffs when "layoffs" weren't actually announced.

Mind you, that was three months ago and those "layoffs" haven't materialized yet.

We'll see what actually goes down when Disney has to report numbers to CA and FL.

"Don't worry about the car payment and the mortgage, honey!
I wasn't technically laid off, my job was just reduced out of existence.
The darn media didn't label the layoffs correctly! It was just staffing reductions."

Disney to eliminate 7,000 jobs, CEO Bob Iger says

The announcement came on Disney's earnings call on Wednesday.

abcnews.go.com

 

[jinx8402]

10 out of 15 most streamed movies were Disney according to Nielson. And Bob called out Moana. But I missed year reference.

2022

Streaming unwrapped: 2022 was the year of original content | Nielsen

Original content has grown to become a competitive advantage for streaming services, as many original titles were responsible for twice the viewing time of top-performing acquired content in 2022.

www.nielsen.com

 

[MisterPenguin]

"Don't worry about the car payment and the mortgage, honey!
I wasn't technically laid off, my job was just reduced out of existence.
The darn media didn't label the layoffs correctly! It was just staffing reductions."

Disney to eliminate 7,000 jobs, CEO Bob Iger says

The announcement came on Disney's earnings call on Wednesday.

abcnews.go.com

Oh, I one hundred percent believe you're weeping in your martini for the newly homeless.

 

[TP2000]

Oh, I one hundred percent believe your weeping in your martini for the newly homeless.

I'm knitting them socks and sending them warm blankets.

 

[fgmnt]

One of the funniest things about the wishcasting of an ESPN sale is, who is buying this massive, massive entity and what I would argue is a sports brand stronger in America than everything outside of the NFL itself?

 

[MisterPenguin]

One of the funniest things about the wishcasting of an ESPN sale is, who is buying this massive, massive entity and what I would argue is a sports brand stronger in America than everything outside of the NFL itself?

A good number of Wall Street analysts have ingenious business strategies for business they don't run in the same way many of our posters here have ingenious imagineering ideas for the parks.

 

[flynnibus]

I've been too busy with work today to listen myself to the data... so pardon if these are obvious answers...

They are setting ESPN up as it's own division... but the other broadcast networks, TV, media, etc is going where? Disney Entertainment?

How is this NOT setting ESPN up for spin-out/sale?

 

[MisterPenguin]

How is this NOT setting ESPN up for spin-out/sale?

Bob said they're not, even pointing out that keeping it in it's own fenced area is definitely not in preparation to sell it off. He said this to purposely stave off rumors.

He said they investigated if they should do it under Chapek and that previous administration's conclusion is that it shouldn't be sold off.

Two Bobs agree!!

 

[CastAStone]

One of the funniest things about the wishcasting of an ESPN sale is, who is buying this massive, massive entity and what I would argue is a sports brand stronger in America than everything outside of the NFL itself?

It would almost certainly have an IPO with some PE potentially taking sizable stakes.

Hearst of course has a ROFR for the 80% that TWDC owns too which complicates any sale of any kind.