Layoffs At Disney Result In Many High-Ranking Streaming Executives Not Making The Cut

Disney launched its second wave of layoffs last week, and numerous streaming industry executives were allegedly laid off as CEO Bob Iger bets big on modernizing the Disney+ service while saving billions in operational expenses.

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The second round of layoffs at Disney began on Monday, and the business was anticipated to lose thousands of employees through Thursday, according to individuals familiar with the situation.

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Iger, who returned to the entertainment industry in November, stated during a February earnings call that the firm expected to reduce its payroll by 7,000 people as part of a new restructuring plan that included three rounds of layoffs.

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Iger stated that the company's restructuring aims to save $5.5 billion in costs across the board. The strategic reorganization will include three primary business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products.

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Disney+ is a division of Disney Entertainment and a profitable portion of the firm.

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It reported on April 27 that Jerrell Jimerson, Sean Curtis, and Jaya Kolhatkar, who had key positions in Disney+ and Hulu's product, technology, and analytics departments, were let go during the second wave of layoffs.

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Members of the streaming division's marketing and business development teams were also laid off.

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Iger has stated that streaming is his "No. 1 priority," and he is working to improve the product he offered in 2019.

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The program garnered 10 million customers in a single day when it started in November 2019. The CEO left the firm in 2020, and the service has expanded significantly in customer numbers since then. When Iger stepped down, Bob Chapek took over and spent billions of dollars on original series production to attract even more subscribers to the streaming platform.

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According to Trade Algo, one of the moves Chapek took was to delegate power over project release to his deputy Kareem Daniel and technology executive Michael Paull.

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When Iger returned in November 2022, he overturned several of Chapek's initiatives, forcing Paull and Jeremy Doig, the streaming chief technology officer, to resign. The majority of the staff that designed Disney+ has already left, barely four years after it started, according to the website.

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Disney did not immediately comment on Fox News Digital's inquiry concerning the report and layoffs. The round of layoffs last week was the second of three, with the first taking place in March. In a March message to staff, Iger stated that the following two rounds will be held in April and "before the beginning of the summer."

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