Disney announces thousands of layoffs as profitability slides

Woke Disney is swapping out its colorful flags for white flags as it announces an upcoming layoff of 7,000 employees.

"The happiest place on Earth is swimming in a sea of red ink and pink slips," reported Breitbart.

"The Walt Disney Co. is eliminating 7,000 jobs worldwide, or more than 3 percent of its workforce, as CEO Bob Iger aims to slash a stunning $5.5 billion in spending in an attempt to save the once formidable company," reported Breitbart.

Bob Iger said it was not an easy decision to make. "I have enormous respect and appreciation for the dedication of our employees worldwide," Iger said. "While this is necessary to address the challenges we face today, I do not make this decision lightly."

Bob Iger Outlines New Disney Org Structure, With 7,000 Layoffs Planned https://t.co/Acmn7Xw974

— The Hollywood Reporter (@THR) February 8, 2023

"Disney employs around 220,000 people worldwide, meaning the layoffs will impact 3.2 percent of the company. The layoffs are expected to hit U.S. employees the hardest, with the 'DMED' team — or Disney Media and Entertainment Distribution — bearing the brunt of the cuts," according to Breitbart.

"DMED encompasses Disney’s streaming initiatives, including the Disney+ streaming service. In November, Disney reported that its streaming services lost a mindboggling $1.5 billion in the fourth quarter alone as the company attempted to spend its way to streaming dominance," reported Breitbart.

Source: Breitbart