Thursday, February 9, 2023

Disney Cuts 7,000 Jobs, Cuts Back Spending

Burbank-based Disney said on Wednesday that it is cutting 7,000 jobs, and reducing spending, with plans to cut $5.5 billion in costs. Both moves have typically impacted Southern California's technology industry, with cuts in the past both negatively impacting local technology companies and startups dependent on Disney's spending, but also often making it easier for those same companies to recruit employees. The moves are the first major move by Bob Iger, who returned as CEO in November. Disney has been doing a lot of outreach to the technology industry in recent years, having run the Disney Accelerator in prior years to engage directly with startups. It's unclear if those efforts will continue after Disney's belt tightening move.