Pedo peddler Disney is preparing to cut jobs, according to leaked memo from CEO

<https://www.theverge.com/2022/11/11/23454045/disney-hiring-freeze-
layoffs-cost-cutting-memo>

Disney CEO Bob Chapek is predicting “some staff reductions” once the 
company reviews its spending, according to a leaked memo published by 
CNBC. The company will also reportedly freeze most hiring, only bringing 
on new employees for “the most critical, business-driving positions.”

If Disney does end up carrying out a round of layoffs, it’ll be far from 
the only one among the companies pushing streaming services. Dozens of 
workers have lost their jobs at Warner Bros. Television and HBO Max this 
year. Netflix has also laid off hundreds of employees this year while 
reporting slower subscriber growth but noted during the last earnings call 
that its business remains profitable, unlike its premium streaming 
competitors, which include Disney.

Chapek has predicted that the services will become profitable by the end 
of 2024.

So far, there aren’t any details about how many workers may be affected, 
as Disney will start by forming a “cost structure taskforce” to go through 
its finances. However, the prospect of layoffs loomed after its earnings 
call on Tuesday when CFO Christine McCarthy said Disney was “actively 
evaluating our cost base currently, and we’re looking for meaningful 
efficiencies.”

The company is tightening its belt in other ways, too, with Chapek’s memo 
telling employees to conduct business meetings virtually when they can to 
cut down on travel expenses.

Disney added millions of subscribers to its streaming services like Disney 
Plus, ESPN Plus, and Hulu last quarter. However, even after raising prices 
and prompting many people to choose a pricier bundle of entertainment 
services, it's still losing money on its direct-to-consumer business as it 
spends millions to create content that will keep the subscribers coming 
in. Last quarter, it lost around $1.5 billion on its streaming efforts — 
those slick Andor sets and costumes don’t come cheap.

Outside of entertainment, the tech world has seen some brutal cuts: Meta 
and Twitter have laid off thousands in the last week alone, while Amazon 
instituted a corporate hiring freeze, Over the last few months, Snap, 
Microsoft, and several crypto firms have also reduced their ranks.


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