Pedo peddler Disney is preparing to cut jobs, according to leaked memo from CEO

[Leroy N. Soetoro]

<https://www.theverge.com/2022/11/11/23454045/disney-hiring-freeze-
layoffs-cost-cutting-memo>

Disney CEO Bob Chapek is predicting “some staff reductions” once the
company reviews its spending, according to a leaked memo published by
CNBC. The company will also reportedly freeze most hiring, only bringing
on new employees for “the most critical, business-driving positions.”

If Disney does end up carrying out a round of layoffs, it’ll be far from
the only one among the companies pushing streaming services. Dozens of
workers have lost their jobs at Warner Bros. Television and HBO Max this
year. Netflix has also laid off hundreds of employees this year while
reporting slower subscriber growth but noted during the last earnings call
that its business remains profitable, unlike its premium streaming
competitors, which include Disney.

Chapek has predicted that the services will become profitable by the end
of 2024.

So far, there aren’t any details about how many workers may be affected,
as Disney will start by forming a “cost structure taskforce” to go through
its finances. However, the prospect of layoffs loomed after its earnings
call on Tuesday when CFO Christine McCarthy said Disney was “actively
evaluating our cost base currently, and we’re looking for meaningful
efficiencies.”

The company is tightening its belt in other ways, too, with Chapek’s memo
telling employees to conduct business meetings virtually when they can to
cut down on travel expenses.

Disney added millions of subscribers to its streaming services like Disney
Plus, ESPN Plus, and Hulu last quarter. However, even after raising prices
and prompting many people to choose a pricier bundle of entertainment
services, it's still losing money on its direct-to-consumer business as it
spends millions to create content that will keep the subscribers coming
in. Last quarter, it lost around $1.5 billion on its streaming efforts —
those slick Andor sets and costumes don’t come cheap.

Outside of entertainment, the tech world has seen some brutal cuts: Meta
and Twitter have laid off thousands in the last week alone, while Amazon
instituted a corporate hiring freeze, Over the last few months, Snap,
Microsoft, and several crypto firms have also reduced their ranks.


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