bob iger

The Walt Disney Co. has begun a broad round of layoffs, which will result in 1,000 jobs being cut across multiple divisions within the Burbank entertainment giant.

The layoffs, which began Tuesday, will ripple across Disney’s television and movie studios, sports giant ESPN, its product and technology unit, corporate functions and marketing, according to a person familiar with the retrenchment but not authorized to comment.

Chief Executive Josh D’Amaro notified Disney staff members about the looming cuts on Tuesday morning. In the message, viewed by The Times, D’Amaro acknowledged the elimination of roles would be difficult.

The move follows Disney’s announcement in January that it would consolidate Disney’s sprawling marketing division.

“Over the past several months, we have looked at ways in which we can streamline our operations in various parts of the company to ensure we deliver the world-class creativity and innovation our fans value and expect from Disney,” D’Amaro said in the note.

“Given the fast-moving pace of our industries, this requires us to constantly assess how to foster a more agile and technologically-enabled workforce to meet tomorrow’s needs,” D’Amaro wrote. “As a result, we will be eliminating roles in some parts of the company and have begun notifying impacted employees.”

The cost-cutting is one of the first major moves since D’Amaro became chief executive last month.

After officially taking the reins, D’Amaro told employees he wants the company — which includes film and TV studios, a tourism division, streaming services and live sports programming — to operate as “one Disney,” saying the global businesses all play a role in deepening consumers’ relationship with the brand and its characters.

Traditional entertainment companies have been reeling from the steady erosion of what was once an economic pillar — programming fees from ESPN, Disney Channel and other popular outlets.

Last week, Sony Pictures Entertainment said it planned to cut hundreds of its employees worldwide as it looked to restructure its business. Paramount Skydance, since its takeover by David Ellison, has eliminated more than 2,000 jobs. Even Netflix has jettisoned jobs.

Disney erased at least 8,000 jobs after D’Amaro’s predecessor, Bob Iger, returned for his second stint as CEO in November 2022. Iger determined that Disney was cranking out too many TV shows and made-for-streaming movies, many of which didn’t live up to the company’s high standards of quality and diluted its blockbuster franchises.

This year, the company has been centralizing its operations, including folding its marketing for entertainment, sports and experiences into a single division that reports to Asad Ayaz, its chief marketing officer.

The streamlining is a way to reduce expenses and better organize a sometimes confusing reporting structure.

“Despite these difficult decisions, I remain optimistic about where we’re headed as a company,” D’Amaro said in Tuesday’s note.

“Compassion and respect remain at the heart of our company,” D’Amaro wrote. “As we move forward through this transition, our priority is to support those impacted and help each person navigate what comes next with resources, guidance, and direct support.”

“I’m deeply grateful for all of your contributions and for the dedication, professionalism, and care you bring to your work each day,” D’Amaro said. “Even in challenging moments, you continue to demonstrate what makes Disney so special.”

April 9 (UPI) — Disney plans to lay off up to 1,000 employees and cut their positions, focusing largely on its marketing department.

The Wall Street Journal first reported Thursday, with CNBC and Variety also reporting that the mass layoffs will occur in the coming weeks. It is the first big move by the media giant under the leadership of new CEO Josh D’Amaro, who took the reins in March.

Disney’s marketing department was consolidated earlier this year under Asad Ayaz, its new chief marketing and brand officer. Ayaz, who was named to the role in January, oversees marketing for all of Disney.

Former CEO Bob Iger was still at the helm when Disney restructured its marketing department, bringing marketing for all its divisions together for the first time in the company’s history.

The last time Disney conducted mass layoffs was in 2023 when it cut about 7,000 employees.

Disney employs about 231,000 people, either full-time or part-time. About 172,000 of its employees are based in the United States.

Disney’s stock climbed to $99.18 per share on Wednesday, nearly a $3 increase over Tuesday. It is up about 3% over a week ago, though it slid down by about 0.25% for the day on Thursday morning.

Disney has a new captain, and his eyes are on the stars.

Taking over the reins from Bob Iger on Wednesday, new chief executive Josh D’Amaro signaled a bold shift for the entertainment giant: a future where emotional storytelling remains the “North Star,” but cutting-edge technology provides the fuel.

From ESPN to the Magic Kingdom, D’Amaro said in his first letter to employees as the top boss that his mission is to turn a century of nostalgia into a more personal, high-tech reality for fans worldwide.

“Used thoughtfully, it can empower our storytellers, strengthen our capabilities, and help us create more immersive, interactive and personal ways for people to experience Disney,” he wrote in the Wednesday morning note.

D’Amaro also said he wants the sprawling company, which includes film and TV studios, a tourism division, streaming services and live sports programming, to operate as “one Disney,” saying the global businesses all play a role in deepening consumers’ relationship with the Mouse House.

That connection people have with Disney’s brand is key to the company’s future. Consumers have more film, TV and experiences to choose from than ever, meaning Disney needs to distinguish itself among competitors.

To do that, D’Amaro plans to focus on the emotions consumers feel when they encounter Disney. As an example, he reminisced about his own first visit to Disneyland more than 40 years ago.

He recalled the joy on his father’s face as the two rode Peter Pan’s Flight together. And when they soared over the miniature version of London on the ride, he remembered his father leaning in and saying, “See, I told you. It feels like we’re flying!”

“That feeling of flying I had on Peter Pan all those years ago is still real to me,” he wrote in the Wednesday morning note. “And today, I am honored to move forward with all of you — with ambition, optimism, and absolute confidence in what we can build together.”

That new era also included a goodbye to Bob Iger, who handed over the reins Wednesday and now moves into a senior advisory role for the rest of the year before his planned retirement.

The company paid tribute to Iger in a video during Disney’s annual shareholders meeting Wednesday morning.

With clips from his earliest public appearances as Disney’s CEO, a highlight reel of the acquisitions the company made under his tenure and even a nod to his previous career behind the anchor desk, the video highlighted Iger’s legacy at the company and the role he played in bulking up Disney’s franchises, global theme parks, sports and streaming platforms.

When asked in the video about where he’ll go from here, Iger laughed and replied, “To Disneyland.”

In a pre-recorded speech, Iger said his time at Disney has spanned much of his life and that he never expected to become CEO of the company — much less twice.

“Over the years, we experienced extraordinary change and faced real challenges that were particularly profound in the last three years,” Iger said. “It was daunting at times, but through it all, what sustained me was the passion I saw every day from great storytellers, innovators, leaders and people around the world.”

In his parting remarks during that speech, he expressed confidence in the new leadership team of D’Amaro and Dana Walden, who is now president and chief creative officer of the company.

“I will be cheering on Josh, Dana and all of you as I sail off into the sunset,” he said. “So thank you for the trust you placed in me, for the memories we created together, and for allowing me the honor of serving. It has meant more to me than I can say.”