DIS Shareholders and Stock Info ONLY

https://deadline.com/2023/03/walt-d...reement-raise-child-bonding-leave-1235308977/

Walt Disney World Workers Reach Tentative Agreement For Raise, Child Bonding Leave​

By Bruce Haring
pmc-editorial-manager

March 23, 2023 7:03pm

Walt Disney World workers have reached a tentative agreement with Disney for a pay raise to $18/hour for existing workers by the end of this year. The union will now recommend workers vote to approve the agreement.

The agreement comes after union members rejected an offer last month of $17 per hour as the minimum wage.

“Securing an $18 minimum hourly rate this year, increasing the overall economic value of Disney’s original offer, and ensuring full back pay for every worker are the priorities union members were determined to fight for,” said Matt Hollis, president of the Services Trades Council Union (STCU), in a statement Thursday.

The deal will give all theme park workers a raise, according to the union and the company. The union said raises will range from $5.50 to $8.60 an hour by the end of the contract.

The company said the contract would guarantee a minimum of $17 an hour for new and existing employees upon ratification, and at least $18 an hour by the end of the year for current employees.

Raises will be retroactive to October 2022, according to the union, which also said that by the end of the contract in October 2026, the minimum wage will be $20, and pay for housekeepers, dishwashers, cooks, chefs assistants and bus drivers will range from $22 an hour to $28.60 an hour.

Additionally, the union won eight weeks of paid child-bonding leave, a new benefit.

Jeff Vahle, President of Walt Disney World Resort, issued a statement on the tentative agreement.

“Our Cast Members are central to Walt Disney World’s enduring magic, which is why we are pleased to have reached this tentative agreement.”

A large group of Walt Disney World workers and their allies marched outside park facilities earlier this month, chanting, “Walt Disney workers need a raise!” The event was dubbed the “Rally for a Raise” by organizers.

Many of the protesters come from a coalition of six unions representing close to 42,000 WDW cast members. The coalition and Disney have been negotiating a new contract since the old one expired last October 1.

The company noted that its employment package includes health care, paid vacation and sick time, overtime opportunities, discount offers, and options for development and advancement.
 
https://www.msn.com/en-us/travel/ne...he-roller-coaster-ride/ar-AA1921UV?li=BBnbklE

TheWrap

Disenchanted Disney Staffers See the Looming Mass Layoff as a Way Off the Roller Coaster​

Story by Drew Taylor • 3/24/2023

With CEO Bob Iger committed to reducing the Walt Disney Company's massive debt by laying off as many as 7,000 of its "cast members" as early as next week, the temperature inside the company is veering between nervous energy and strange relief as the threat of joblessness looms.

"I'd be happy to be laid off" or a variation thereof is something TheWrap heard from multiple Disney employees, most of whom spoke on the condition of anonymity.

That's prompted by a combination of general anxiety, a stagnant creative environment and the shared sensation that during the pandemic, and particularly under the short-lived leadership of Bob Chapek, that the company has become a much less magical place to be. The abrupt departure of Marvel executive Victoria Alonso in the past week, with little internal explanation offered, only added to the unease.

A mix of anxiety and indifference​


All of this discombobulation has left Disney staffers with mixed feelings about the coming layoffs, which will extend beyond the rank and file to include potential executive exits.

Some feel indifferent about Disney's future, given that the company has cooled on Disney+, once thought to be the most exciting and promising unit of the company. It has put forward a less-than-inspiring calendar of movie titles, mostly stuffed with live-action remakes of animated features like this summer's "The Little Mermaid," along with Marvel movies, which have been on shakier ground of late, and animated projects from Walt Disney Animation Studios and Pixar.

Adding to the consternation, an individual with knowledge told TheWrap, Disney isn't renewing the contracts of many project hires, known as "green badges" due to the color of their company ID (full-time employees have blue badges). Many of these contracts are expiring now or very soon, leaving teams that relied on the contractors to do much of the heavy lifting high and dry. And everyone we talked to is unhappy with the four-days-a-week return-to-office edict that Iger recently implemented. "Nobody is in a good mood," one staffer said.

This has led many to try and figure out their exit plan. Back-of-the-envelope math is being done all over the company, with most (especially if they're in a higher position), welcoming the time and freedom that would come with a potential voluntary resignation if they were offered. Historically, Disney has offered generous severance, particularly to executives: A 2009 plan in the middle of that year's recession (and another Disney layoff period) offered a minimum of 26 weeks to anyone at the vice president level and CNN reported at the time other employees would get about 60 days.

A Disney representative didn't respond to our request for comment.

An abrupt transformation​


The Walt Disney Company has changed dramatically since 2020, employees said. This kind of transformation hadn't been felt since 1984, when the company went from being a family-run business to a media powerhouse with the appointment of Michael Eisner and Frank Wells in the top positions.

During the height of the pandemic, the company's theme parks were closed and cruise ships grounded, the lucrative live sports that serves as the lifeblood for ESPN suspended and movie theaters locked shut. Chapek seized on the opportunity to remake the company, issuing a Disney-wide restructuring that included, among other things, the forced relocation of Walt Disney Imagineering, previously seen as the creative crown jewel of the company, to Florida and a companywide emphasis on streaming with Disney+.

But now that the tumultuous Chapek era is over and Iger is back to pick up the pieces, the returning CEO is looking to undo many of the organizational decisions his predecessor enacted while making major cuts to the budget in an effort to appease Wall Street. Those decisions may be necessary, but they amount to more whiplash on an organization that has felt a lot of sudden movement recently.

The pending layoffs weigh over a company that turns 100 in October. This is a company that resisted job cuts even during the Great Depression, until the box office failures of "Fantasia" and "Pinocchio" forced its hand. Iger now faces a similar confluence of creative stagnation and financial pressure. The Walt Disney Company he's running in 2023 is very different from the one he handed to Chapek in early 2020. And according to those we spoke to, not for the better.
 

She was allegedly fired because of her production work on Argentina, 1985 which was distributed by Amazon. Her contract from 2018 forbade her from working with other studios.

The Reason For Victoria Alonso’s Termination Revealed
Good catch!! you gonna make an investigator yet!!

https://www.hollywoodreporter.com/m...5670829cb8f9e0e2053aced394fb57d9da6937cf0601a

Inside the Firing of Victoria Alonso: Her Oscar-Nominated Movie ‘Argentina, 1985’ at Center of Exit (Exclusive)​

The longtime Marvel executive's departure stunned Hollywood.
By Boryis Kit
March 24, 2023 1:30pm

The Oscar-nominated film Argentina, 1985 was at the center of last week’s sudden firing of longtime Marvel Studios executive Victoria Alonso, The Hollywood Reporter has learned.

Alonso was one of eight producers on the Argentine historical drama, which was distributed by Amazon and competed for the best international feature Oscar. However, by assuming that role, she breached her contract — several times — according to sources. After repeated warnings, the situation came to a head the week after the Academy Awards and ultimately led to her termination. It was a seismic shake-up at Marvel, where for years Alonso was part of the holy trinity — along with Marvel Studios boss Kevin Feige and co-president Louis D’Esposito — who led the Marvel Cinematic Universe to ever-greater heights.

According to insiders, Alonso breached a 2018 agreement that included the company’s standards of business conduct, which states that employees cannot work for competing studios.

Sources say that Alonso did not ask permission to work on Argentina, 1985, nor did she give notice. (However, an IndieWire piece published last month on the film stated that she did have permission.) When Disney found out about the project and the violation, her longtime service and veteran status led the company to give her a dispensation on the condition that she not work on the movie further. She was also not to promote it or publicize it in any way. The situation of a top executive working on a movie outside company confines was deemed serious enough to involve the management audit team and a new memo was signed, according to an insider.

A rep for Alonso declined to comment. A rep for Disney also declined to comment.

The film premiered in September 2022 at the Venice International Film Festival, and soon the drama was on the awards track. Alonso then found herself front and center in the circuit of screenings and Q&As, panels and interviews.

According to sources, she was reminded of her agreement and her breach several times, but the appearances continued. She even appeared on the Oscars arrivals carpet not as a Marvel executive associated with that studio’s multi-nominated Black Panther: Wakanda Forever, but rather as Argentina, 1985′s producer, walking with the film’s director, Santiago Mitre.

What also rankled Disney executives was that while she worked on the promotion of her movie, her purview over Marvel’s visual effects — as president of physical and postproduction, visual effects and animation production — was busier than ever.

Throughout the last year or so, as Marvel pumped out an unprecedented number of series and movies, a general impression emerged that VFX artists were not being well-treated by Marvel, attributed to factors including long hours, drum-tight deadlines and a lack of a singular vision.

Releases including the February film Ant-Man and the Wasp: Quantumania were catching flak for subpar visual effects work while Alonso herself became more and more polarizing.

"You can only ask a person to stay until 1 a.m. working on VFX shots for so long before things start to break,” says one postproduction source. Another postproduction talent says they have avoided working with Marvel because of Alonso’s reputation for being challenging.

Still, she had her supporters, including Eternals star Salma Hayek, who called her the “best jefa ever” in a December 2021 post.

In any case, things came to a head post-Oscars, and Alonso was terminated for cause.

For the Buenos Aires-born Alonso, Argentina, 1985 was a personal tale. The feature stars Ricardo Darín as Julio César Strassera, the prosecutor who led the case against the military Junta whose reign of military terror led to the disappearance of 30,000 people. “I’ve made a lot of stories about superheroes,” Alonso told IndieWire in the story published last month. “And I’ve always wanted to tell a story about what happened in Argentina, because I should have been one of those 30,000 people.”

Alonso’s firing was sudden and shocked the town because of its hushed nature. Some speculated that Alonso was being silenced because she was outspoken about Florida’s so-called “Don’t Say Gay” bill, which Gov. Ron DeSantis signed in March 2022. “As long as I am at Marvel Studios, I will fight for representation,” Alonso, who is gay, said at the time. Disney took a stand against the bill, resulting in a clash with the state government and ultimately the loss of a special tax status. It is a move that will likely cost the company millions.

But other sources say that being vocal had only increased Alonso’s profile within the company. She was asked to represent the company on the board of GLAAD, joined the company’s Pride 365 leadership team and made a deal with the company’s publishing division to write a memoir.

In any case, the VFX industry will be closely watching what follows. Marvel is one of the most lucrative clients for VFX houses because of the scope of its work — its tentpoles regularly have in excess of 2,000 VFX shots, sometimes more than a whopping 3,000 per movie.

It is unclear who will take over for Alonso in the interim (at least some vendors are working with VFX producer Jen Underdahl for now). But insiders acknowledge whoever assumes her duties officially will face similar challenges as Alonso, who helped put out the unprecedented 18 films, TV shows and specials that Marvel released in 2021-22.

Says one VFX pro: “Whatever criticisms are being leveled against her, she’s not an island. Part of the problem is the aggressive release schedules.”

That aggressive schedule could already be in the rearview mirror, however, as returning Disney CEO Bob Iger has stated an intention to slow down Marvel’s output.

Carolyn Giardina and Aaron Couch contributed to this report.
 
How does a high level employee like that go work on an entirely different production with a different company and nobody notice?
 
https://variety.com/2023/film/news/victoria-alonso-fired-marvel-argentina-1985-1235564419/

Mar 24, 2023 4:11pm PST

Victoria Alonso Attorney Blasts ‘Ridiculous’ Claim She Was Fired Over ‘Argentina, 1985,’ Says Executive Was ‘Silenced’ by Disney (EXCLUSIVE)
A Disney spokesperson calls the comments by Alonso's lawyer "unfortunate"
By Adam B. Vary, Matt Donnelly

Victoria Alonso’s work as a producer of the Oscar-nominated feature film “Argentina, 1985” is being cited as the reason to fire the longtime Marvel Studios executive, according to three sources with knowledge of Alonso’s exit. Alonso’s attorney, however, pushed back on that justification — calling it “absolutely ridiculous.”

In a statement to Variety, attorney Patty Glaser, who is representing Alonso in her departure from Disney, instead claims that the executive was “silenced” by Disney, and that she had the studio’s “blessing” to work on “Argentina, 1985.”

At issue, according to the sources, was Alonso’s 2018 employment contract with Disney that prohibited her from working on projects for any rival studios. “Argentina, 1985” — which tracks the real-life trials of the country’s final dictatorship — was produced in part by Amazon Studios, which released the film on Prime Video in October.

Alonso, who was born and raised in Argentina, did not alert Disney to her work on “Argentina, 1985” in advance, sources say. Her years of service with Marvel, however, afforded Alonso enough clout that the studio grandfathered her moonlighting into a new employment agreement that Alonso signed last year, according to these sources, which explicitly forbade the executive from working any further outside of Marvel — including any extracurricular promotion.

While projects at outside distributors are uncommon for an executive of Alonso’s stature, they are not unheard of.

After “Argentina, 1985” was selected by the eponymous nation as its official submission for the Academy Awards, however, Alonso hit the awards season circuit to help bring the film to its eventual Oscar nomination for international film. Alonso was reminded repeatedly in writing that she was in violation of her contract, these sources say, but she forged ahead anyway, walking the press line at the Oscars with “Argentina, 1985” director Santiago Mitre, rather than as one of the executive producers of multiple nominee “Black Panther: Wakanda Forever.” Just eight days later, Alonso was fired for breach of contract and violation of Disney’s standards of business conduct.

“The idea that Disney both knew and approved her ability to work on [“Argentina, 1985″], then ostensibly say they have cause to fire her over an interview or two in support of that film, seems crazy,” said one former Disney film executive told Variety on the condition of anonymity.

“The idea that Victoria was fired over a handful of press interviews relating to a personal passion project about human rights and democracy that was nominated for an Oscar and which she got Disney’s blessing to work on is absolutely ridiculous,” Glaser says. “Victoria, a gay Latina who had the courage to criticize Disney, was silenced. Then she was terminated when she refused to do something she believed was reprehensible. Disney and Marvel made a really poor decision that will have serious consequences. There is a lot more to this story and Victoria will be telling it shortly—in one forum or another.”

A source close to the matter also says that following Alonso’s remarks at the 2022 GLAAD awards, in which she called out then-CEO Bob Chapek by name for his reaction to Florida’s “Don’t Say Gay” bill, she was told she could no longer do press for Marvel projects.

In a statement sent to Variety after this story had published, a Disney spokesperson called the comments by Glaser “unfortunate.”

“It’s unfortunate that Victoria is sharing a narrative that leaves out several key factors concerning her departure, including an indisputable breach of contract and a direct violation of company policy,” says the spokesperson. “We will continue to wish her the best for the future and thank her for her numerous contributions to the studio.”

It appears Alonso’s work on “Argentina, 1985” was a culminating event for the executive’s tenure at Marvel, which had become increasingly fraught due to wellpublicized criticisms of the studio’s approach to visual effects, one of the departments Alonso oversaw. Marvel’s most recent release, “Ant-Man and the Wasp: Quantumania,” suffered withering criticism of its visual effects, and the film is one of the lowest grossing Marvel Studios films in the company’s history.

The Hollywood Reporter first reported that Alonso’s exit was tied to her work on “Argentina, 1985.”

UPDATE: This story has been updated to include the statement from Alonso’s attorney, and reporting about the executive’s speech at the GLAAD Awards.

UPDATE 2: This story has been updated to include a statement from a Disney spokesperson.
 
Here's Deadline's report.

https://deadline.com/2023/03/disney...alonso-firing-marvel-patty-glaser-1235309916/

Victoria Alonso Weighing Legal Action Against Disney, Marvel Over Sudden Firing; “Serious Consequences” Promises Lawyer Patty Glaser As Mouse House Points At “Indisputable Breach of Contract”​


By Dominic Patten, Anthony D'Alessandro
March 24, 2023 5:34pm

The Walt Disney Company is facing “serious consequences” and possible legal action over the pink slipping this week of Marvel VFX chief Victoria Alonso.

Making it clear to Bob Iger, Kevin Feige and everyone at the House of Mouse that she is not going quietly the Oscar nominated producer has retained the services of Patty Glaser. To that end, with competing POVs on what was going on BTS, the Glaser Weil Fink Howard Avchen & Shapiro LLP partner is putting Disney on notice.

In a statement released Friday for the now former President, Physical and Postproduction, VFX and Animation Production for Marvel Studios, the litigator, who is already taking Disney-owned LucasFilm to court for the canning of Star Wars TV series The Acolyte EP Karyn McCarthy, said:

The idea that Victoria was fired over a handful of press interviews relating to a personal passion project about human rights and democracy that was nominated for an Oscar and which she got Disney’s blessing to work on is absolutely ridiculous. Victoria, a gay Latina who had the courage to criticize Disney, was silenced. Then she was terminated when she refused to do something she believed was reprehensible. Disney and Marvel made a really poor decision that will have serious consequences. There is a lot more to this story and Victoria will be telling it shortly—in one forum or another.

Disney isn’t taking that shot across the bow without a missive of their own.

“It’s unfortunate that Victoria is sharing a narrative that leaves out several key factors concerning her departure, including an indisputable breach of contract and a direct violation of company policy,” a Disney spokesperson told Deadline this evening. “We will continue to wish her the best for the future and thank her for her numerous contributions to the studio.”

Alonso still has her Possibility Is Your Superpower memoir coming out later this year on Disney imprint.

The very press-friendly Alonso, who was consistently an outspoken champion of diversity at Disney to the point where she called out then-Disney CEO Bob Chapek to “take a stand” against Florida’s anti-LGBTQ+ legislation ‘Don’t Say Gay’ bill, abruptly departed earlier this week from Marvel Studios after a near two-decade run.

“So I ask you again Mr. Chapek: please respect—if we’re selling family—take a stand against all of these crazy outdated laws,” Alonso told a GLAAD audience over the clear discrimination move in the Sunshine Sate a.k.a home of DisneyWorld. “Take a stand for family. Stop saying that you tolerate us …We deserve the right to live, love, and have. More importantly, we deserve an origin story.”

We hear after her remarks at GLAAD last April over Disney’s mishandling of Florida’s Don’t Say Gay legislation, Alonso was benched by executives and told that she could no longer do interviews or media at all. Alonso was even asked late last year by a prominent director to speak out for a Marvel film, but she stayed mute. Then the self-described “reprehensible” incident occurred, which seemed to involve a disagreement with a Disney executive, who is not Iger, we’ve learned.

However, with that we hear that the Buenos Aires-born Alonso did not initially seek permission to produce the Academy Award nominated Argentina, 1985, but did see her contract re-drafted out of respect for her years at the company. The sticking point was the Alonso was distinctly not supposed to promote the political drama, which she did. That was the breaking point, an insider says.

As for Alonso being told to stay away from the press, there are more than a handful of media clippings from June last year announcing her memoir and with quotes from the then exec.

In what is certain to become ever sharper elbows if this goes to court, Deadline has been told that despite her affable demeanor to the press, Alonso was sometimes challenging to work with at the House of Mouse.

The punishing schedule aside, one insider cited how Alonso would take days off to conduct her own personal business affairs (read, producing the Argentina 1985 Oscar nominated film), and this ultimately resulted to some degree in a logjam of Marvel films and TV series in the post-production pipeline causing major theatrical release date dealys. While many studios suffered delays in post-production houses due to the pandemic, Disney on several occasions delayed its bigger movies, i.e. Doctor Strange in the Multiverse of Madness, Thor Love & Thunder, Black Panther Wakanda Forever and Ant-Man and the Wasp Quantumania and most recently The Marvels. In the new-cost cutting, job-cutting Iger 2.0 era, count VFX expenses—which was chiefly under Alonso’s domain– as one of those line items that needs to be reigned in.

Whether or not that meant showing the door to Alonso is a whole other matter, likely heading towards a pay out or a trial at this rate.

The hiring of Hollywood heavyweight litigator Glaser was first reported by Variety.
 
Just starting to read these last two @wabbott , but holy crap, must every executive change be a soap opera at The Walt Disney Company? Is it literally required?
 
https://finance.yahoo.com/news/walt-disney-co-begins-7-160927378.html

Walt Disney Co begins 7,000 layoffs​

Mon, March 27, 2023 at 11:09 AM CDT
By Dawn Chmielewski

LOS ANGELES(Reuters) - Walt Disney Co on Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more "streamlined" business, according to a letter Chief Executive Bob Iger sent to employees and seen by Reuters.

Several major divisions of the company - Disney Entertainment, Disney Parks, Experiences and Products, and corporate - will be impacted, according to a person familiar with the matter. ESPN is not touched by this week's round of cuts, but is anticipated to be included in later rounds.

The entertainment industry has undergone a retrenchment since its early euphoric embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix Inc.

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.

Iger said Disney would begin notifying the first group of employees who are impacted by the workforce reductions over the next four days. A second, larger round of job cuts will happen in April, "with several thousand more staff reductions." The final round will start before the beginning of the summer, the letter said.

The Burbank entertainment conglomerate announced in February that it would eliminate 7,000 jobs as part of an effort to save $5.5 billion in costs and make its money-losing streaming business profitable.

"The difficult reality of many colleagues and friends leaving Disney is not something we take lightly," Iger wrote, noting that many "bring a lifelong passion for Disney" to their work.

Details of the layoffs had been closely guarded by the company, though insiders anticipated reductions would happen before Disney's annual shareholder meeting on April 3.

Anxiety has been building within Disney, as rumors swirled about areas of possible cuts.

"It’s a dark, black box," said one Disney executive who spoke to Reuters last week.

Many had expected cuts to fall heavily on the Disney Media and Entertainment Division, which was eliminated in a corporate restructuring. The unit has been without a leader since the exit of Kareem Daniel in November, shortly after Iger returned as the company’s CEO.

“It’s been a long time in the making,” said SVB MoffettNathanson analyst Michael Nathanson, adding that the company first began “to whisper” about the need to take out costs last fall, when Bob Chapek was still Disney’s chief executive.
Josh D’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.

Officials for two of the unions representing cast members at Walt Disney World Resorts in Orlando, Florida, said “guest-facing” services were not expected to be affected by the layoffs.

"I don’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," said Paul Cox, president of the International Alliance of Theatrical Stage Employees Local 631.

(Reporting by Dawn Chmielewski in Los Angeles; Editing by Matthew Lewis and Bill Berkrot)
 
https://www.hollywoodreporter.com/business/business-news/disney-layoffs-bob-iger-memo-1235361315/

Disney Layoffs Start This Week, Bob Iger Tells Employees As 7,000 Cuts Loom

There will also be a "larger" round of layoffs in April, and a third round before summer. "There will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward," the CEO told staff in a memo.

March 27, 2023 9:05am PST

The layoffs at The Walt Disney Co. will start this week.

In a memo to employees Monday, Disney CEO Bob Iger said that the company will now begin the process of notifying impacted staff, with two more rounds of cuts planned in the next couple of months.

Iger said in February that the company would shed 7,000 jobs as the company restructures around three core divisions: Disney Entertainment, ESPN, and Parks, Experiences and Products. The cuts are “necessary for creating a more effective, coordinated and streamlined approach to our business,” Iger wrote on March 27, adding that senior leaders have been evaluating their operational needs since he announced the cuts.

Iger said in his memo that a second round of layoffs planned for April will be “larger” than the round this week, with “several thousand” cuts set to take place at that time. A third round of cuts will take place “before the beginning of the summer to reach our 7,000-job target.”

“For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward. I ask for your continued understanding and collaboration during this time,” Iger added. “In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future.”

Iger returned as Disney’s CEO in November, with his successor and predecessor Bob Chapek departing after only about two and a half years on the job.

“The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period,” Disney’s board chair Susan Arnold said at the time.

In his first move after taking over, Iger ousted Chapek lieutenant Kareem Daniel, who ran the Disney Media and Entertainment Distribution Division, which was responsible for essentially all of the company’s non-parks revenue. Iger subsequently said that DMED would be shuttered so that strategic decision-making and financial responsibility could return to the creative divisions.

Dana Walden and Alan Bergman were tapped to oversee Disney Entertainment, with Jimmy Pitaro continuing to lead ESPN, and Josh D’Amaro running the parks and products division.

It is not immediately clear what impact the cuts this week will have on Disney’s corporate structure, or which divisions will be impacted, though the three rounds are expected to involve essentially every division of the company.

Iger’s memo on March 27 is below.

Dear Fellow Employees,

As I shared with you in February, we have made the difficult decision to reduce our overall workforce by approximately 7,000 jobs as part of a strategic realignment of the company, including important cost-saving measures necessary for creating a more effective, coordinated and streamlined approach to our business. Over the past few months, senior leaders have been working closely with HR to assess their operational needs, and I want to give you an update on those efforts.

This week, we begin notifying employees whose positions are impacted by the company’s workforce reductions. Leaders will be communicating the news directly to the first group of impacted employees over the next four days. A second, larger round of notifications will happen in April with several thousand more staff reductions, and we expect to commence the final round of notifications before the beginning of the summer to reach our 7,000-job target.

The difficult reality of many colleagues and friends leaving Disney is not something we take lightly. This company is home to the most talented and dedicated employees in the world, and so many of you bring a lifelong passion for Disney to your work here. That’s part of what makes working at Disney so special. It also makes it all the more difficult to say goodbye to wonderful people we care about. I want to offer my sincere thanks and appreciation to every departing employee for your numerous contributions and your devotion to this beloved company.

For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward. I ask for your continued understanding and collaboration during this time.

In tough moments, we must always do what is required to ensure Disney can continue delivering exceptional entertainment to audiences and guests around the world – now, and long into the future. Please know that our HR partners and leaders are committed to creating a supportive and smooth process every step of the way.

I want to thank each of you again for all your many achievements here at The Walt Disney Company.

Sincerely,
Bob
 
Still seeing the 7K number being tossed around. It's actually 4K of current employees with the remaining 3K just being the elimination of unfilled positions.
 
Still seeing the 7K number being tossed around. It's actually 4K of current employees with the remaining 3K just being the elimination of unfilled positions.
Was about to say the same. Saw a bunch of these articles today and not one mentioned that fact.
 
Disney General Entertainment Layoffs Include Mark Levenstein, Jayne Bieber & Elizabeth Newman As TV Production Gets Consolidated, IP Acquisitions Dissolved

Details are starting to emerge about the first wave of Disney layoffs. It involves a consolidation of production operations across Disney TV Studios, Hulu, Freeform and FX under Carol Turner and the shutdown of the studio operation’s Creative Acquisitions department.

Mark Levenstein, SVP Production for Hulu, and Jayne Bieber, SVP, Production Management & Operations for Freeform, are leaving as Turner, EVP and head of production for ABC Signature, is taking on an expanded role, with Network and Platform production for scripted television across Disney Entertainment getting consolidated under her. 20th Television EVP and head of production Nissa Diederich, and Nick Lombardo, SVP and head of production for FX, will now to report to her.

In her new role, Turner will report to Eric Schrier, Disney Television Studios & Global Original Television Strategy for Disney Entertainment.

Additionally, Elizabeth Newman, VP of Development who was based at 20th Television while overseeing Creative Acquisitions for Disney Television Studios, is leaving and the department will be dissolved. Its functions will be absorbed by the studios.

The Creative Acquisitions Department was launched in 2021 with the goal of identifying and securing the rights to upcoming and bestselling books, podcasts, news stories and other IP that can be developed by ABC Signature and 20th Television’s roster of showrunners, writers, directors and talent for ABC, Hulu, Freeform, FX, Disney+, NatGeo and other platforms.

Newman originally co-ran the unit with Jordan Moblo who soon left to join Netflix and subsequently Universal Studios Group.

Production has been one of the areas frequently targeted for consolidation, with a number of TV companies combining operations across multiple divisions in the past couple of years.

Disney CEO Bob Iger this morning confirmed that the first of three rounds of layoffs is starting this week as the company looks to reduce its workforce by about 7,000 employees.

The second, and biggest one, is slated for April when Disney’s TV operations are expected to get hard hit. The third and final round of notifications is expected before the beginning of the summer.
 
https://www.thewrap.com/layoffs-disney-hulu-freeform-20th-century-tv/

First Round of Disney Layoffs Include Hulu SVP Mark Levenstein, Freeform SVP Jayne Bieber​



https://www.hollywoodreporter.com/t...oduction-acquisitions-departments-1235361483/

Disney Layoffs Hit TV Production, Acquisitions Departments​


https://www.yahoo.com/entertainment/disney-general-entertainment-layoffs-hulu-211949632.html

Disney General Entertainment Layoffs Include Mark Levenstein, Jayne Bieber & Elizabeth Newman As TV Production Gets Consolidated, IP Acquisitions Dissolved​

 












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