The Walt Disney Company today announced its second round of layoffs bringing the total of employees let go to 4,000. The company’s goal is a total of 7,000 by summer. The reductions began in February.
Bob Iger announced the layoffs upon returning as CEO in January. When you study the stock descent from $197.16 on March 21, 2021, to its current price of $99.08 (12:20 PM on March 24, 2023), you can see the urgency in the company taking steps to turn things around.
My understanding is the majority of these lay offs are in the news division. Can someone tell me what the hell is Disney doing in the News business ???