The situation at the Walt Disney Company seems to be going from bad to worse, with yet another round of layoffs affecting hundreds of corporate employees this week.
According to reports from Deadline and The Wrap, an estimated 300 U.S.-based workers across multiple divisions, including legal, human resources, finance, and communications, are being shown the door. This latest wave of cuts is part of Disney’s ongoing effort to slash costs and regain financial stability amid mounting economic pressures and significant shifts in consumer behavior.
It’s no secret that Disney has been struggling financially in recent years. With cord-cutting taking a heavy toll on its media empire and consumer confidence waning under record inflation during the Biden-Harris administration, the company has been forced to take drastic measures. Last year, Disney made headlines when it slashed 7,000 jobs worldwide, and CEO Bob Iger committed to finding another $2 billion in cost savings. Now, the axe has swung once again.
This week’s layoffs follow cuts across Disney’s TV properties, including ABC News, which faced backlash after a controversial presidential debate that many saw as biased against former President Donald Trump.
The aftermath of that debacle saw ABC News’ ratings dip, a clear sign that viewers were unimpressed with how the network handled the event. Also on the chopping block was National Geographic, where the once-beloved network’s focus on the Fauci documentary failed to resonate with its audience.
In a statement sent to multiple media outlets, a Disney spokesperson explained that the latest layoffs are part of a broader effort to streamline operations at the corporate level. “We continually evaluate ways to invest in our businesses and more effectively manage our resources and costs,” the spokesperson said, adding that Disney remains committed to the “creativity and innovation” that audiences expect.
However, Disney’s woes extend beyond financial challenges. The company has faced ongoing backlash from consumers frustrated with its embrace of woke identity politics, particularly the promotion of transgenderism in its content for children.
This cultural shift has alienated a significant portion of its traditional audience, contributing to the company’s broader struggles.
With the combination of economic pressures, political controversies, and a disillusioned consumer base, Disney has a steep hill to climb to restore its once-untouchable reputation as a media giant.
