Black Panther franchise owners, Disney, could be laying off employees, according to a leaked memo obtained by CNBC. The outlet says that the company’s CEO, Bob Chapek, is awaiting the results from its spending reviews, before coming to a decision.
“We are limiting headcount additions through a targeted hiring freeze,” the memo said. “Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold. Your segment leaders and HR teams have more specific details on how this will apply to your teams. As we work through this evaluation process, we will look at every avenue of operations and labor to find savings, and we do anticipate some staff reductions as part of this review.”
Disney has about 195,000 employees and it is not yet clear what percentage of them would be affected by the job cuts. However, the company’s business is spread across several services, from broadcasting to licensing, publishing, radio, streaming and television. It also has several sub companies and divisions, of which includes Marvel Entertainment.
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To get things moving, Disney is setting up a taskforce to look at its cost structure and it will be made up of Chief Financial Officer Christine McCarthy, General Counsel Horacio Gutierrez and Bob Chapek.
The company’s streaming business seems to be the worst hit with a loss of $1.47 billion recorded in the third quarter of 2022. Although it expresses hope of improving its revenue in 2023 and being profitable in 2024, its CFO confirmed that it will keep looking for ways to trim costs.
Disney joins other streaming companies like Warner Bros. Television, Netflix and HBO Max to cut jobs. It seems like these giant companies did not expect streaming business to drop so drastically after the pandemic lockdown ended.
The Verge explains that despite adding millions of subscribers to its streaming services and raising pricing, the direct-to-business aspect of its enterprise (content creation) is sucking millions in investments.
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