(The Hill) — Disney is laying off scores of employees from Pixar Animation Studios as part of the largest restructuring in the movie maker's history. Approximately 14 percent of Pixar's workforce — nearly 200 employees — are expected to be laid off as part of the job reductions, according to multiple Tuesday reports.
The company will have reached approximately 4,000 job cuts when factoring in both the first and second rounds of layoffs. The job eliminations are taking place across various business segments, including entertainment, ESPN, parks, experiences and products.
The cuts to Disney's global workforce are part of a multibillion-dollar cost-cutting initiative aimed at streamlining the company's operations in a period of media industry turmoil. In a memo to staff obtained by CNN, Iger said the layoffs would come in three waves.
The job cuts come as part of a cost-cutting effort also announced Wednesday. Iger said the company is aiming for $5.5 billion of cost savings across the company, with $2.5 billion of that coming from annual savings in “non-content” operations.
Disney laying off 7,000 workers as part of restructuring plan
Does Disney treat their employees bad?
A 2018 study by Occidental College and the Economic Roundtable looked at working conditions for employees at Disneyland — the company's original park, in Anaheim, Calif. — and found that more than half worried about being evicted from their homes, and more than one in 10 had been homeless in the last two years.
Former Disney CEO Bob Chapek made his first public comments since his 2022 firing. He told CNBC he didn't see the strategic logic in ESPN bringing on more minority partners.
In the U.S., Disney attributed the decrease in operating income to “the impact of the nonrenewal of carriage of certain networks by an affiliate” (a reference to Charter dropping eight cable networks last fall) and a decline in ad revenue reflecting lower average viewership.
N) , opens new tab on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable. The layoffs represent an estimated 3.6% of Disney's global workforce.
CEO Bob Iger suggested on a call with investors that the cuts would come primarily from its struggling linear TV business. Meanwhile, the company continues to lose money in its Disney+ streaming business, but it managed to significantly reduce its losses in that division. It has never turned a profit on Disney+.
The latest wave of layoffs taking place this week is expected to bring the total number of job cuts to more than 6,500, approaching the 7,000 figure previously announced by Iger. As of October 1, Disney had 220,000 employees — making the 7,000-person reduction about 3% of its global workforce.
Adam Neumann, the main founder of WeWork, negotiated a ~$1.7 billion severance package from SoftBank, operator of the Vision Fund, the largest venture capital fund in the world. When the news broke in 2019, it was reported that Neumann got the ability to sell up to around $1 billion in stock back to SoftBank.
An 18% gratuity will automatically be added to your bill for parties of 6 or more. An automatic gratuity charge may also be added to your bill for certain items you order that are not included in the Disney Dining Plan.
You are not required to tip, but these Cast Members work incredibly hard to make your dining experience something unforgettable and amazing! Because each Cast Member does every little thing with excellence, I am sure you will want to bless them for making your Walt Disney World vacation the best ever!!
No, cast members at Disney World are not permitted to accept tips. This includes employees in all positions, from ride operators to servers in restaurants.
Frugal couples should budget about $4,000 for a seven-night Disney World trip, but trips can easily cost more. Sally French is a travel rewards expert who joined NerdWallet in 2020. She previously wrote about travel and credit cards for The New York Times and its sibling site, Wirecutter.
The severance pay offered is typically one to two weeks for every year worked, but it can be more. If the job loss will create an economic hardship, discuss this with your former employer. The general practice is to try to get four weeks of severance pay for each year worked.
The pay is typically reserved for employees who have worked at a business for a long period of time. The pay is in addition to your regular pay, and the specific amount of a severance payment will vary. The money is usually given in a lump sum payment.
In terms of general executive severance packages, many companies look at them as a way to avoid any possible legal action taken by the dismissed executive in the future. These packages make it so that an executive cannot come back and sue a company for wrongdoing (Devine).
The Walt Disney Company is an American multinational mass media and entertainment conglomerate that is headquartered at the Walt Disney Studios complex in Burbank, California.
Iger, who served as CEO from 2005 to 2020, is set to earn up to $27 million a year, according to a 2022 SEC filing. His base pay is $1 million, and he can receive an additional $1 million bonus based on his performance. Iger is also entitled to a long-term incentive award with a target of $25 million.
Who Is Disney's Biggest Competitor? Naming Disney's biggest rivals depends on the business unit. If you're looking at film and television, its rivals include Universal (which is owned by Comcast), Sony, Time Warner, and ViacomCBS. Netflix and Amazon are Disney's main competitors in the streaming service space.
