by David Ng, Breitbart:
It’s been a bad week for the Walt Disney Co.
First, Florida Gov. Ron DeSantis (R) won re-election in a landslide victory on Tuesday. Then Disney’s corporate earnings disappointed Wall Street, sending its stock crashing to new lows. Now the entertainment giant is reportedly planning layoffs, a targeted hiring freeze, and travel limitation on its employees.
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Shares of the Walt Disney Co. plummeted late Tuesday and into early Wednesday to their lowest level in nearly a decade as concerns mount over the company’s profitability and wild spending habits on Disney+ and other streaming services. https://t.co/MiQhdlv97F
— Breitbart News (@BreitbartNews) November 9, 2022
In a letter to top company executives obtained by multiple news outlets, Disney CEO Bob Chapek said the austerity measures will be “difficult” but necessary.
“I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time,” he wrote.
“Our company has weathered many challenges during our 100-year history, and I have no doubt we will achieve our goals and create a more nimble company better suited to the environment of tomorrow.”
He said Disney will also be conducting a “rigorous review of the company’s content and marketing spending,” with all of these efforts being overseen by newly formed “cost structure taskforce” comprised of Chapek, CFO Christina McCarthy, and general counsel Horacio Gutierrez.
