Layoffs

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 Layoffs

General views of the The Walt Disney Company corporate headquarters

Just this week, Disney reported more layoffs, this time 75 people at ABC News (1). ABC Stations Chief Chad Matthews wrote "It’s no secret that our industry is undergoing a transformation unlike any other, and we’re seeing headlines every day about streamlining across every major media company." Matthews is correct that across the news media industry, there is a transformation underway. For example, back in February, the BBC reported how Vice Media also cut hundreds of media jobs after filing for bankruptcy (2). 

But the layoffs at Disney are broader than just the news media roles at ABC. Earlier Hollywood Reporter (3) and Wall Street Journal (4) articles wrote about how Pixar was laying off about 175 people. They also referenced how last year CEO Bob Iger talked about a multiyear plan to cut over 7,000 employees across the company (of about 225,000 employees). 

The layoffs haven't been as impactful on Walt Disney World cast member morale as I expected. Because I work alongside other College Program participants as well as full-time permanent cast members, I spend time every day talking about the past, present, and future of the company. Cast members are generally upbeat about the future of the company and Walt Disney World in particular. The parks still feel quite full, and the company treats employees well overall.

The biggest complaint at the moment is the recent changes to the tuition assistance program, called Disney Aspire (5). The benefit previously covered 100% of a bachelor or first master's degree, including tuition, books, and fees. But starting this year in November, there will be an annual cap of around $5,000 for bachelor's degrees, and it will no longer cover master's programs or trade certificates. Many of the full-time cast members in their 20s took advantage of this benefit, and they have been talking about leaving the company to work for competitors that offer a better tuition reimbursement. While I don't know any that have left yet, it will be interesting to see what happens as the year progresses.

Topic: Disney in the News

References

(1) https://www.hollywoodreporter.com/business/business-news/abc-news-layoffs-national-network-disney-1236022352/

(2) https://www.bbc.com/news/business-68377742

(3) https://www.hollywoodreporter.com/business/business-news/disney-to-cut-staff-corporate-cost-structure-1236012153/ (image above)

(4) https://www.wsj.com/business/media/pixar-layoffs-disney-cuts-663b5cc8?st=PY8pyh&reflink=desktopwebshare_permalink 

(5) https://www.insidehighered.com/news/quick-takes/2024/09/12/disney-cuts-employee-tuition-assistance-program

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