Latest news with #Iger
Time of India
20 hours ago
- Business
- Time of India
Disney to lay off hundreds across entertainment divisions amid shift to streaming
The Walt Disney Company is cutting several hundred jobs across its film and television divisions, a Disney spokesperson confirmed to USA TODAY. The layoffs, which formally took effect on Monday, June 2, impact departments involved in marketing, publicity, casting, development, and parts of corporate finance. No entire teams are being dissolved, the company said. A Disney representative attributed the decision to the 'rapid pace' of industry transformation and the company's push to 'operate more efficiently.' This move is the latest in a series of cost-cutting measures implemented since CEO Bob Iger returned to helm the company in 2022. In early 2023, Iger announced that Disney would lay off 7,000 employees to reduce spending by billions of dollars. That plan has since unfolded through multiple rounds of layoffs. In September 2024, Disney cut around 300 positions in corporate functions such as legal, HR, and communications. Earlier layoffs affected Disney-owned brands including National Geographic, Pixar, and Freeform. In March 2025, the company trimmed another 200 jobs—nearly 6% of its workforce in ABC News and Disney Entertainment Networks. Despite the cuts, Disney reported strong financial results. According to its Q2 2025 earnings report, revenue rose to $23.6 billion, a 7% year-on-year increase. Subscriber numbers for Disney+ also climbed by 126 million in the first quarter, reflecting the accelerating shift in consumer preferences toward streaming platforms. As of its latest fiscal year ending September 2024, Disney employed approximately 233,000 people worldwide. Meanwhile, Disney's theme parks are also facing challenges. At Walt Disney World in Florida, employees under Temporary Protected Status (TPS) were recently informed they must provide updated work authorization documents or risk being placed on leave. The notification followed a U.S. Supreme Court ruling upholding the Trump-era decision to end TPS protections for about 350,000 Venezuelans. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
a day ago
- Business
- Yahoo
Disney hit with another round of layoffs with hundreds losing their jobs
Hundreds of Disney employees were terminated from the company after another round of layoffs at the company on Monday. It's the fourth and largest round of Disney layoffs in the past year and this time targets the company's television operations. Company higher-ups confirmed the layoffs to Deadline but the exact number of employees to be impacted has not yet been announced. The cuts impact corporate financial operations, film, television, marketing, television publicity, casting and development departments. No teams are being eliminated, the outlet reported, and most of the impacted staffers are based in Los Angeles. Three months ago, Disney terminated 200 workers, including staffers at ABC News in New York and Disney-owned entertainment networks. In that round of layoffs, which officials said were due to shrinking TV ratings and revenue, staff was reduced by six percent. In October, ABC News cut about 40 employees. That same month, the company underwent a restructuring that saw ABC Signature, a production arm of ABC, fold into 20th Television. Teams working on ABC and Hulu Originals scripted comedies and dramas were consolidated, resulting in 30 more layoffs. Other Disney TV stations also lost staffers. The push to cut costs is partly due to the rise of streaming platforms as consumers ditch traditional TV for streaming services, including Netflix, Paramount+ and Disney+. In 2023, Disney CEO Bob Iger set a goal of reducing operating costs by $7.5bn. That year, the company eliminated 7,000 jobs. The Independent has contacted Disney for comment. Disney stock traded lower Monday but was slightly up in the after-hours market. The company reported better-than-expected earnings in its Q2 report last month. The increased revenue was driven by direct-to-consumer operating profit increasing by $289m to $336m. While speaking at the company's annual shareholder meeting, Iger emphasized plans to create new jobs predominantly in experience sectors and theme parks. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
Disney Laying Off Hundreds In TV & Film Entertainment, Corporate Finance
EXCLUSIVE: Major layoffs are underway Monday the Walt Disney Company, with several hundred employees impacted globally, Deadline has learned. The bulk of them are across divisions of Disney Entertainment, including marketing for both film and television as well as television publicity, casting and development. Also affected are Disney's corporate financial operations. According to sources, the size of the cuts on the film and TV side of Disney Entertainment is comparable. No teams are being eliminated. The majority of the Disney Entertainment Television staffers are said to be based in Los Angeles. Deadline will continue its coverage as more details about those impacted emerge during what is expected to be a tough day on the Disney campuses. (UPDATE: 1 PM: Names of TV development and casting executives affected by the layoffs have emerged.) More from Deadline Disney Reports Better-Than-Expected Quarterly Numbers Driven By Experiences And Sports NBCUniversal Starts New Round Of Layoffs As SpinCo Begins To Take Shape Ex-'Doctor Odyssey' Crew Members Sue Disney, 20th TV Claiming Sexual Harassment And Wrongful Termination This is the fourth — and largest — round of layoffs in the past 10 months that has affected various Disney television operations. They are part of an ongoing cost-cutting process at the traditional media companies as they reshape their business to focus on streaming while facing economic headwinds. Disney's Bob Iger set the pace upon his return as CEO, establishing a goal of at least $7.5 billion in cost reductions at the start of 2023, with about 7,000 jobs eliminated that year. In early March, just under 200 Disney employees were laid off, representing almost 6% of the workforce in the ABC News Group and Disney's entertainment networks, including Freeform and FX. A big restructuring last October involved the shutdown of ABC Signature, with its operations folded into 20th Television, and the consolidation of ABC and Hulu Originals scripted drama and comedy teams. It resulted in about 30 Disney Entertainment Television layoffs. And last July, DET underwent a round of staff cuts that impacted roughly 140 people, representing about 2% of the total workforce, 60 of them at National Geographic. The latest cuts follow Disney's better-than-expected Q2 earnings last month, fueled largely by experiences and sports, with streaming also delivering strong results as direct-to-consumer operating profit increased by $289 million to $336 million. At the annual shareholder meeting earlier this spring, Iger spoke about creating new jobs, largely in Disney experiences, including theme parks. The Disney layoffs also come on the heels of staff cuts at NBCUniversal as the company is spinning off several cable networks into a new company named Versant. Best of Deadline Everything We Know About 'Stranger Things' Season 5 So Far 2025 TV Series Renewals: Photo Gallery 2025 TV Cancellations: Photo Gallery Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
a day ago
- Business
- Miami Herald
Disney makes a devastating layoff announcement
We've watched businesses both great and small shudder under the weight of some unpredictable headwinds in the last five years. In 2020, that was from the traumatic impact of Covid bringing countless face-to-face businesses to a halt. From retail to restaurants to everything in-between, people were unable to operate for fear of catching an unfamiliar virus that could potentially end their lives. Don't miss the move: Subscribe to TheStreet's free daily newsletter By the time vaccines got the pandemic under control, while many businesses were forced to shutter, there were still many more than had found a way to survive. This sent a hopeful message: even in the worst of times, success is still possible. Many are remembering that message now as we navigate a new crisis: President Trump's tariffs and the devastating effect they are having on many of those same businesses that survived Covid. Related: Walt Disney offers new perks for Disney+ members Since they were announced on April 2, some of the country's biggest retailers, including Target, Walmart, and Best Buy, have all warned their consumers that prices would be going up as a result. Naturally, people worried about money are not going to feel great about spending on entertainment in the current climate, leading many companies to cut their forecasts for the year and cite the uncertainty of what they face. Now, another huge company has announced that its making layoffs that will affect hundreds of employees. A round of mass layoffs is in the works today at Walt Disney (DIS) , according to an exclusive report from majority of the layoffs will affect Disney Entertainment's divisions and include marketing for film and TV, television publicity, casting, and development. Related: Walt Disney shares massive, long-term plan to battle Epic Universe Disney's corporate financial operations will also be affected, although Deadline's sources did not specify exactly how. "No teams are being eliminated. The majority of the Disney Entertainment Television staffers are said to be based in Los Angeles," the report reads. Disney says the cuts will enhance its ability to operate more efficiently. This round of layoffs is Disney's fourth and largest in the last year, and part of a cost-cutting process originally established by CEO Bob Iger in the beginning of 2023. Iger resolved to meet a goal of cutting Disney's costs by $7.5 billion. The last round of layoffs came in March, which affected just under 200 employees, the majority being at ABC News. That cut also included the end of 538, its data analytics site. The prior round happened in July 2024 and heavily impacted National Geographic employees, with about 140 people affected in total and 60 of them from National Geographic. In May 2024, Pixar also made cuts to roughly 14% of its staff as a part of Iger's cost-cutting measures and focusing on a strategy of moving away from Disney+ series and towards feature films. Pixar employees were informed in January, giving them time to prepare. These cuts come at an interesting time for Disney as it just had a massive victory at the box office with the release of the live-action "Lilo & Stitch," which is on pace for more than $95 million in ticket sales and is already the second highest grossing movie of the year. Related: New Disney World venue breaks Magic Kingdom tradition Copyright 2025 The Arena Group, Inc. All Rights Reserved
Yahoo
25-05-2025
- Business
- Yahoo
Where Jeff Bezos, Elon Musk and 13 Other CEOs Went To College
One common thread among the world's most successful and inspiring entrepreneurs and business leaders is that many went to college — even if only for a short while. For some of the world's top business leaders, college shaped their lives and paid off in building their wealth. Be Aware: Discover More: Here's where the biggest names in business went to college. College: Princeton University Jeff Bezos, executive chairman at Amazon, is the second-richest person in the world with a net worth of $195.4 billion, according to Forbes. The son of a single mother, Bezos earned early admission to Princeton, originally intending to practice theoretical physics. After graduation, however, he realized the power of the internet and began selling books online, a small business venture that grew into the world's most powerful online retailer. Explore More: View Next: College: University of Pennsylvania, University of Nebraska and Columbia University Warren Buffett followed his father's advice and went to the University of Pennsylvania's prestigious Wharton School of Business — but only reluctantly. The man who has gone on to become the 'Oracle of Omaha,' arguably the most successful investor of all time, completed his undergraduate education at the University of Nebraska before attending graduate school at Columbia University. Despite many years of schooling, Buffett doesn't think college is for everyone and doesn't base his hiring decisions on degrees, according to CNBC. For You: College: Queen's University and the University of Pennsylvania Elon Musk, co-founder of Tesla and SpaceX, is the richest man in the world. According to Forbes' Real Time Billionaires list, Musk has a net worth of $367 billion. Musk's educational background includes studying at Queen's University in Kingston, Ontario and later transferring to the University of Pennsylvania, where he graduated with a degree in physics and economics in 1995. College: Auburn University and Duke University Tim Cook earned a bachelor's degree in industrial engineering from Auburn University and an MBA from Duke University, where he was a Fuqua Scholar. Today, he's the CEO of Apple. Before reaching the executive level at Apple, Cook worked for Compaq and IBM. College: University of Southern California Marc Benioff was a pioneer of cloud computing and now serves as the CEO of Salesforce. He earned a bachelor's degree in business administration from the University of Southern California in 1986. He enjoyed college so much that he never severed ties — he currently serves on the school's board of trustees. Trending Now: College: Ithaca College Before he saved Disney, Iger graduated from Ithaca College in 1973, where he cut his teeth in one of the toughest gigs in show business. Intent on landing a television career, Iger spent five hard winter months working as a local weatherman in notoriously frigid Ithaca, New York. College: Tufts University and Harvard University Harvard graduate Jamie Dimon runs America's largest bank as the CEO of JPMorgan Chase. He's famous — or infamous — for protecting that bank by dumping $12 billion in subprime mortgages in 2006, which helped the bank survive the Great Recession. Dimon graduated from Tufts University in 1978 and later enrolled in Harvard Business School. He parlayed the MBA he earned there in 1982 into a billion-dollar career. College: Kettering University and Stanford University Mary T. Barra — listed by Forbes as one of the world's most powerful women — became the first woman to lead a major automaker when she was named CEO of General Motors in 2014. She graduated from Kettering University in 1985 — it was called General Motors Institute then — and earned an MBA from the Stanford Graduate School of Business in 1990. Find Out: College: Stanford University and University of Pennsylvania Sundar Pichai interviewed with Google on the day the company launched Gmail in 2004. Now he's the company's CEO and the CEO of its parent company, Alphabet, after Google's co-founder Larry Page stepped down in December 2019. The metallurgical engineering student did so well at the Indian Institute of Technology Kharagpur that he won a scholarship to Stanford. After earning his Master of Science, he earned an MBA from the University of Pennsylvania's Wharton School. College: University of Wisconsin and University of Chicago Microsoft CEO Satya Nadella is credited with moving the software giant away from a failed mobile strategy and toward winning endeavors such as augmented reality, cloud computing and the purchase of LinkedIn. Nadella has two master's degrees. He earned a Master of Science degree from the University of Wisconsin and an MBA from the University of Chicago's Booth School of Business. College: Oregon State University and Stanford University Nvidia co-founder and CEO Jensen Huang is the leader of a company that pioneered computer gaming in the 1990s and invented the GPU card. He earned a BSEE degree from Oregon State University and, like so many others on this list, a master's degree from Stanford. See More: College: Dartmouth College and Stanford Graduate School of Business John Donahoe took over as the CEO of Nike on Jan. 13, 2020, to October 2024, and although he didn't have experience in the apparel industry, he's a whiz in the tech world. He was the president and CEO of ServiceNow, an enterprise cloud computing company, and was the president and CEO of eBay from 2008 to 2015. Currently, Donahoe is the chairman of the board of directors of PayPal. Donahoe earned a bachelor's degree in economics from Dartmouth College and an MBA from Stanford University. College: University of Massachusetts-Amherst, MIT, Fairleigh Dickinson University and Harvard University The former CEO of T-Mobile, John Legere, has more than 30 years of experience in the telecommunications industry — and he built his career on an impressive academic resume. According to his UMass alumni page, he earned a bachelor's degree in business administration from UMass Amherst, a master's degree as an Alfred P. Sloan Fellow at the Massachusetts Institute of Technology and an MBA from Fairleigh Dickinson University. He then completed Harvard Business School's Management Development Program. College: New York University and Missouri University of Science and Technology After a brief stint at the Missouri University of Science and Technology, Jack Dorsey transferred to NYU, where he dropped out. At the age of 29, he was out of work, living in a tiny apartment and unable to find a job — even at a local shoe store. He dabbled in fashion, and then the self-taught coder went on to found Twitter. That final act made him one of the richest CEOs in Silicon Valley. Currently, Dorsey is the CEO of Square. View Next: College: Harvard University Meta founder and CEO Mark Zuckerberg has weathered a scandalous — yet financially successful — past few years. But in 2004, he was a computer programmer and a recent Harvard dropout focused on spreading his emerging online platform from Harvard to campuses across the country and, eventually, the world. Dropping out of college hasn't prevented Zuckerberg from becoming one of the richest people in the world. Heather Taylor contributed to the reporting for this piece. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives This article originally appeared on Where Jeff Bezos, Elon Musk and 13 Other CEOs Went To College
