Unique: A third wave of layoffs at Disney is underway today, sources tell Deadline.
We’ve been told that around 700 employees across the company’s board are estimated to be affected. While parks and resorts remain largely untouched, this week’s pink slipper isn’t aimed at any particular divisiveness. Television, which was hit hard in the second round, has largely escaped retrenchment this time, we hear.
It’s expected to be significant layoffs at Disney for some time, following Disney CEO Bob Iger’s timeline of cuts in late March. However, sources say that there could still be some minor cuts in the next few months.
The initial wave of layoffs began on March 27 when Iger confirmed plans for three rounds of layoffs as the company seeks to cut its workforce by about 7,000 employees.
The second and largest wave, which brought the number of terminated positions to 4,000, began on April 24. The company had said it expected a third round before the start of summer.
The new wave of layoffs comes as media companies grapple with the effects of the ongoing writers’ strike, which is halting film and TV development and production.
Disney revealed last February that it expected to realize $5.5 billion in cost savings as a result of layoffs and other austerity measures. ESPN and Parks, Experiences and Products, the other two corporate divisions, will have staff cuts along with entertainment. However, no frontline operational workers at the company’s theme parks are expected to lose their jobs.
Iger began outlining the downsizing plan shortly after returning as Disney CEO last November. One area targeted for cuts has been the centralized distribution organization created by his predecessor, Bob Chapek.
The company is starting to remove dozens of titles from its streaming platform this week, also as a cost-cutting measure.
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