{"id":26765,"date":"2023-03-28T13:20:31","date_gmt":"2023-03-28T18:20:31","guid":{"rendered":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/?p=26765"},"modified":"2023-03-28T13:25:02","modified_gmt":"2023-03-28T18:25:02","slug":"disney-will-begin-to-fire-seven-thousand-of-its-global-staff-this-week-ceo-bob-iger-announces-after-share-price-plunged-31-in-a-year-following-series-of-woke-controversies","status":"publish","type":"post","link":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/disney-will-begin-to-fire-seven-thousand-of-its-global-staff-this-week-ceo-bob-iger-announces-after-share-price-plunged-31-in-a-year-following-series-of-woke-controversies\/","title":{"rendered":"Disney Will Begin To Fire SEVEN THOUSAND Of Its Global Staff This Week, CEO Bob Iger Announces, After Share Price Plunged 31% In A Year Following Series Of Woke Controversies."},"content":{"rendered":"\n<ul class=\"wp-block-list\"><li><strong>CEO Bob Iger made the announcement Monday in a letter to employees<\/strong><\/li><li><strong>Iger, recently reinstated as CEO, is working to save the company $5.5 billion<\/strong><\/li><li><strong>Several major departments are impacted, with more to come at ESPN eventually&nbsp;<\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">By&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/home\/search.html?s=&amp;authornamef=Stephen+M.+Lepore+For+Dailymail.Com\">STEPHEN M. LEPORE FOR DAILYMAIL.COM<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/home\/search.html?s=&amp;authornamef=Reuters\">REUTERS<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>PUBLISHED:<\/strong>&nbsp;01:48 EDT, 28 March 2023&nbsp;|&nbsp;<strong>UPDATED:<\/strong>&nbsp;08:58 EDT, 28 March 2023<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Walt Disney Company began 7,000 layoffs in a letter sent to employees Monday,&nbsp;as CEO Bob Iger works to&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11748639\/Fans-hit-Disney-centenary-Super-Bowl-ad-likely-costing-millions-firm-cuts-7-000-jobs.html\">save the company<\/a>&nbsp;some $5.5 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Several major divisions of the company &#8211; Disney Entertainment, Disney Parks, Experiences and Products, and corporate &#8211; will be impacted, according to a person familiar with the matter. The layoffs will also affect Disney workers across the globe, and not just in the United States.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Iger had&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11729045\/Disneys-Bob-Iger-lay-7-000-workers-company-cuts-costs.html\">previously announced the layoffs<\/a>&nbsp;throughout the company after he took back over as CEO in November.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The cuts come after the company reported profits of $23.51 billion, which exceeded analysts&#8217; expectations of $23.44 billion. However, the company&#8217;s stock price has sunk over 30 percent in the past year, as it faces controversy over previous CEO Bob Chapek&#8217;s&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11732617\/How-Disney-indoctrinating-kids-woke-cartoons.html\">disastrous wading into the culture wars<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, the House of Mouse took a huge publicity blow as Ron DeSantis officially&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11798887\/Ron-DeSantis-signs-bill-STRIPPING-Disneys-control-Reedy-Creek-district.html\">took control of Disney&#8217;s Reedy Creek<\/a>&nbsp;Improvement district in his war with the &#8216;corporate kingdom&#8217;, in a move that will give him the power to select the board and force them to pay $700 million in taxes and debts.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/03\/28\/06\/69190151-11909839-image-a-13_1679981010127.jpg\" alt=\"Walt Disney Company on Monday began 7,000 layoffs announced earlier this year, as CEO Bob Iger (pictured) works to save the company some $5.5 billion\"\/><figcaption><strong>Walt Disney Company on Monday began 7,000 layoffs announced earlier this year, as CEO Bob Iger (pictured) works to save the company some $5.5 billion<\/strong><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">It comes as&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11798323\/Ron-DeSantis-admits-ironic-married-Casey-Disney-considering-war-woke.html\">the governor and Florida&#8217;s first lady Casey DeSantis admitted the &#8216;irony&#8217; that they got married at Disney in 2009<\/a>&nbsp;and now are in a battle with the &#8216;<a href=\"https:\/\/www.dailymail.co.uk\/news\/woke-culture\/index.html\">woke<\/a>&#8216; corporation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DeSantis celebrated with the stroke of his pen marking the Disney &#8216;corporate kingdom coming to an end&#8217; as he vowed to make the company pay its fair share of taxes.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Sunshine State now has power over the formerly self-governing, special tax exempt district encompassing the entire Walt Disney World Resort, which was&nbsp;established in 1967.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;Disney loses self-governing status, the State of Florida is the new sheriff in town,&#8217; he said at a press briefing Monday. &#8216;Buckle up \u2013 there&#8217;s a lot to get done.&#8217;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The entertainment industry has undergone a retreat since its early euphoric embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They started to rein in spending when Netflix posted its first loss of subscribers in a decade in early 2022, and Wall Street began prioritizing profitability over subscriber growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Iger said Disney would begin notifying the first group of employees who are impacted by the workforce reductions over the next four days.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A second, larger round of job cuts will happen in April, &#8216;with several thousand more staff reductions.&#8217; The final round will start before the beginning of the summer, the letter said.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/03\/28\/06\/69190147-11909839-image-a-15_1679981045752.jpg\" alt=\"The Burbank entertainment conglomerate announced in February that it would eliminate 7,000 jobs as part of an effort to save billions in costs and make its money-losing streaming business profitable\"\/><figcaption>The Burbank entertainment conglomerate announced in February that it would eliminate 7,000 jobs as part of an effort to save billions in costs and make its money-losing streaming business profitable<br><\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/03\/28\/06\/69190141-11909839-image-a-16_1679981060180.jpg\" alt=\"The company's stock price has sunk over 30 percent in the past year, as the company faces controversy over previous CEO Bob Chapek's disastrous wading into the culture wars\"\/><figcaption>The company&#8217;s stock price has sunk over 30 percent in the past year, as the company faces controversy over previous CEO Bob Chapek&#8217;s disastrous wading into the culture wars<br><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">ESPN is not touched by this week&#8217;s round of cuts, but is anticipated to be included in later rounds.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;The difficult reality of many colleagues and friends leaving Disney is not something we take lightly,&#8217; Iger wrote, noting that many &#8216;bring a lifelong passion for Disney&#8217; to their work.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Details of the layoffs had been closely guarded by the company, though insiders anticipated reductions would happen before Disney&#8217;s annual shareholder meeting on April 3.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anxiety has been building within Disney, as rumors swirled about areas of possible cuts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;It&#8217;s a dark, black box,&#8217; said one Disney executive who spoke to Reuters last week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many had expected cuts to fall heavily on the Disney Media and Entertainment Division, which was eliminated in a corporate restructuring.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The unit has been without a leader since the exit of Kareem Daniel in November, shortly after Iger returned as the company&#8217;s CEO.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;It&#8217;s been a long time in the making,&#8217; said SVB MoffettNathanson analyst Michael Nathanson, adding that the company first began &#8216;to whisper&#8217; about the need to take out costs last fall, when Bob Chapek was still Disney&#8217;s chief executive.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/02\/19\/23\/67858965-11770007-Frontline_employees_at_Disneyland_and_Disney_World_are_reportedl-a-9_1676849982094.jpg\" alt=\"According to Business Insider, the first wave of cuts are expected to be made in the coming weeks as managers are expected to turn in cut proposals\"\/><figcaption>According to Business Insider, the first wave of cuts are expected to be made in the coming weeks as managers are expected to turn in cut proposals&nbsp;<br><\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/02\/19\/23\/67858753-11770007-image-a-1_1676849291016.jpg\" alt=\"A person familiar with the company told the news outlet they are confident the layoffs will come down in April\"\/><figcaption>A person familiar with the company told the news outlet they are confident the layoffs will come down in April<br><\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/03\/20\/04\/67483055-11729045-Much_of_the_layoffs_are_expected_to_be_in_the_entertainment_divi-a-2_1679287401808.jpg\" alt=\"Much of the layoffs are expected to be in the entertainment division, which includes Disney+, as well as ESPN, which includes ESPN+\"\/><figcaption>Much of the layoffs are expected to be in the entertainment division, which includes Disney+, as well as ESPN, which includes ESPN+<br>Disney releases 100-year anniversary celebration ad for Super Bowl<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Josh D&#8217;Amaro, chair of Disney Parks, Experiences and Products, sent a memo to theme parks employees in February warning that the profitable division would experience cuts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Officials for two of the unions representing cast members at Walt Disney World Resorts in Orlando, Florida, said &#8216;guest-facing&#8217; services were not expected to be affected by the layoffs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;I don&#8217;t see where, when there are labor shortages in front-facing guest roles, it would be a good decision to lay off workers where the money train starts for the Walt Disney Co,&#8217; said Paul Cox, president of the International Alliance of Theatrical Stage Employees Local 631.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the February earnings call where the job cuts were announced,&nbsp;Chief Financial Officer Christine McCarthy said the company was looking to save nearly $6 billion.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to McCarthy, a portion of the cuts will also come from lessening spending for TV and movies.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rest of the money will come from marketing and other non-content areas.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last month, Iger also announced that The Walt Disney Company would restructure into three divisions:&nbsp;Entertainment, ESPN, and Parks, Experiences and Products.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After the company aired an ad during last month&#8217;s Super Bowl, executives faced heavy backlash for paying millions to show the commercial amid the news of their terminations.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Thirty-second commercials shown during the Super Bowl were&nbsp;<a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11744413\/Almost-19mn-employees-expected-miss-work-today-nights-post-Super-Bowl-celebrations.html\">reported<\/a>&nbsp;to cost as much as $7 million a slot.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8216;Something about that Disney celebratory ad bugs me &#8230; maybe it&#8217;s the recent announcement they&#8217;re laying off 7,000 employees and spending at least $7m on the ad,&#8217; said one person on Twitter.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Disney said the advert, which reviewed 100 years of film content and thanked fans for their support, was paid for with previous ad credits.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Drew Lewis, Head of Content at Redbear Films,&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DrewLewis\/status\/1624964524712534017\">tweeted<\/a>&nbsp;in February: &#8216;How many jobs could&#8217;ve been saved instead of spending $7m on that 100 year anniversary ad?&#8217;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another user said in a tweet: &#8216;The layoffs were pitched as cost cutting, spending on a [Super Bowl] ad is not essential.&#8217;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One&nbsp;<a rel=\"noreferrer noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SMUS16475\/status\/1624964611555446784\">commented<\/a>&nbsp;under the post by the main Disney account: &#8216;A company with quite a dark history. How &#8217;bout we address the recent lay off of 7,000 employees?&#8217;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CEO Bob Iger made the announcement Monday in a letter to employees Iger, recently reinstated as CEO, is working to save the company $5.5 billion Several major departments are impacted, with more to come at ESPN eventually&nbsp; By&nbsp;STEPHEN M. LEPORE FOR DAILYMAIL.COM&nbsp;and&nbsp;REUTERS PUBLISHED:&nbsp;01:48 EDT, 28 March 2023&nbsp;|&nbsp;UPDATED:&nbsp;08:58 EDT, 28 March 2023 Walt Disney Company began&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[268,93],"tags":[],"class_list":["post-26765","post","type-post","status-publish","format-standard","hentry","category-u-s-economy","category-u-s-news"],"_links":{"self":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/posts\/26765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/comments?post=26765"}],"version-history":[{"count":0,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/posts\/26765\/revisions"}],"wp:attachment":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/media?parent=26765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/categories?post=26765"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/tags?post=26765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}