As the layoff in tech sector continue, entertainment giant Disney has asked managers to propose budget cuts and compile lists of candidates who will be laid off in the coming weeks, the media reported.
The company is expected to announce close to 4,000 current employees in the next month but whether it will be in small batches or lay off thousands all at once is unclear reported Business Insider, citing sources.
The planned job cuts were announced ahead of Disney's annual meeting on April 3.
Disney has also announced a reduction in general entertainment for adults and it is considering options for what to do with Hulu, the streaming service that specialises in general-entertainment shows. Hulu is owned two-thirds by Disney and one-third by Comcast Corp, the report said.
Disney CEO announce layoffs
CEO Bob Iger last month announced that close to 7,000 employees will be let go as Disney looks to save billions of dollars by restructuring the company, cutting content, and trimming payroll.
The entertainment giant expects to deliver approximately $3 billion in savings over the next few years, excluding sports.
He said that under the strategic reorganisation, there will be three core business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.
"This reorganisation will result in a more cost-effective, coordinated and streamlined approach to our operations and we are committed to running our businesses more efficiently, especially in a challenging economic environment. In that regard, we are targeting $5.5 billion of cost savings across the company," said the CEO.
With inputs from IANS
