American Workers Facing Thousands Of Layoffs
Things continue to get worse for some people in Biden’s economy.
According to Breitbart, The Walt Disney Co. is preparing to lay off a significant number of employees next week. The cuts are expected to be the largest of the year and thousands of jobs are at risk. The layoffs are part of an ongoing restructuring effort by the company, which has already resulted in the loss of 7,000 jobs.
Bloomberg News has reported that the upcoming job cuts at The Walt Disney Co. will impact its TV, movie, theme parks, and corporate teams, affecting all regions where the company operates. According to unnamed sources, some employees may receive layoff notices as soon as Monday. The entertainment division, which encompasses streaming, TV and movie production, will see a reduction of approximately 15% of its workforce.
It has been reported that The Walt Disney Co. has already commenced with its layoff plan, affecting a range of employees from high-level executives to rank-and-file workers. This includes several well-known figures at ABC News.
Earlier this year, Disney’s CEO, Bob Iger, announced plans to cut 7,000 jobs in an effort to reduce annual costs by $5.5 billion. These job cuts come after a difficult year in 2022, during which the company’s stock declined by 44% and profitability was unexpectedly affected, leading to the dismissal of former CEO Bob Chapek.
Disney’s executives are reportedly planning to spend approximately $30 billion on consumer content in 2023, a figure that is similar to the amount spent in 2022. Despite this investment, much of the company’s recent “woke” and “pro-Democrat” content has been struggling with consumers. Even expensive new Marvel and Star Wars streaming shows have failed to attract many subscribers, with some preferring to watch older episodes of The Simpsons.
