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Disney Plans Hiring Freeze, Layoffs

Disney is planning a hiring freeze and a number of layoffs after reporting disappointingly low quarterly results which saw the company stock drop down to a new 52-week low, according to and internal memo (h/t CNBC).

“We are limiting headcount additions through a targeted hiring freeze,” CEO Bob Chapek said in a memo to division leads which was sent on Friday, per the CNBC report. “Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold. Your segment leaders and HR teams have more specific details on how this will apply to your teams.”

“As we work through this evaluation process, we will look at every avenue of operations and labor to find savings, and we do anticipate some staff reductions as part of this review.” Disney has approximately 190,000 employees.

Disney’s streaming services lost $1.47 billion last quarter, more than double the unit’s loss from last year.

“I am fully aware this will be a difficult process for many of you and your teams,” Chapek wrote. “We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time.”

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