- In an internal memo sent by CEO Robert Chapek, Disney will begin a hiring freeze for some positions and lay off staff in order to cut costs. The company currently has around 190,000 employees and is facing economic stress.
- Disney shares fell to a new 52-week low on Wednesday but bounced back later in the week. The company's streaming services lost $1.47 billion in the last quarter, but the CEO is confident that Disney will become profitable by 2024.
- As a way to cut costs, Disney’s CEO has also directed his executives that business travel should be restricted to essential trips. Meanwhile, meetings should be conducted virtually.
Why it matters
During this economic slump and unstable market conditions, many big tech and entertainment companies including Warner Bros Discovery and Netflix have also cut jobs this year to manage dropping valuations.
