After cutting 7,000 jobs, Walt Disney Company plans more layoffs. According to insiders, the cuts will touch thousands of employment
Bloomberg reports that affected staff will be informed of job losses by April 24.
The Walt Disney Company laid off 7,000 workers last month, Reuters reported.
Since the entertainment sector enthusiastically embraced video streaming and formed competitors to Netflix Inc., it has retreated, losing billions of dollars.
This time, Disney Entertainment, which was created to supervise movie and TV production and distribution, is expected to be affected by job layoffs.
According to Bloomberg, CEO Bob Iger restored creative executives' authority and named Alan Bergman and Dana Walden Disney Entertainment co-chairmen.
NBCUniversal, Warner Bros., Discovery Inc., and Paramount Global are shrinking as Wall Street prioritizes online video platform costs over subscriber growth, the study states.