Disney announces hiring freeze, layoffs after $1.5 bn quarterly loss in streaming business

[Went Woke - Going Broke!]

Walt Disney announced hiring freeze and layoff as a part of cost-cutting
measure as the streaming business suffers loss.

Walt Disney's Chief Executive Bob Chapek in a memo on Friday addressed
executives at senior vice president level or above, said that they have to
mae 'tough and uncomfortable decisions.'

In the memo, Bob Chapek said, "I'm fully aware tis will be a difficult
process for many for you and your teams. We are going to make tough and
uncomfortable decisions. While certain macroeconomic factor are out of our
control, meeting these goals require us to continue doing our part to
mange the things we can control- most notably, our costs,"

This move comes as the company strives to move the streaming service to
profitability as it reported a $1.5 billion quarterly loss in its
streaming business. The shares of the company fell more than 13 per cent
on Wednesday following its results.

Wall Street analysts voiced concern about Disney’s escalating streaming
costs. Analyst Michael Nathanson observed in a note this week that “the
company has to prove that their pivot to DTC will be worth the investment
price that is currently being paid."

Job cuts can be seen in a lot of companies all over to brace the economic
downturn. Meta Platforms said this week it would cut more than 11,000
jobs, or 13% of its workforce to rein in costs.

Warner Bros Discovery, has undergone dramatic cost-cutting efforts,
including layoffs, as the recently merged company restructures its content
operations.

<https://www.livemint.com/news/world/disney-announces-hiring-freeze-
layoffs-after-1-5-bn-quarterly-loss-11668274686446.html>

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