Walt Disney Company layoffs have happened. Some employees of the Consumer Products and Interactive Media division of The Walt Disney Company have been laid off.
According to The Hollywood Report, these pinks slips are coming following a company restructuring in March and prior to the merger with 21st Century Fox.
With an 8 percent decline in revenue and a 10 percent loss in operating income for this most recent quarter, it is not entirely surprising that the layoffs occurred within this segment of the company.
Disney has not issued a statement on the layoffs, but sources have said that while the number of those laid off was not that large, it impacted lower-level employees up to vp-level executives.
While it can only be assumed that this may have something to do with the upcoming merger, insiders are saying that they are due to the restructuring announced earlier this year. As part of that restructuring the consumer products division would be merging with the successful parks and resorts division into a segment called “parks, experiences and consumer products,” which will be run by chairman Bob Chapek.
Source: The Hollywood Reporter
Photo Credit: The Walt Disney Company
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