Disney to ‘freeze hiring, consider staff reductions’

In brief

Disney is planning a hiring freeze and layoffs following the company’s disappointing Q3 earnings.

According to an internal memo, Disney CEO Bob Chapek said the hiring freeze would be “targeted” to all but the “small subset of the most critical, business-driving positions”.

Disney will be creating a “cost structure task force” to cut costs; for instance, employees are being asked to take as many business meetings as possible virtually rather than travel to meet in person.

As part of the cost reductions review, Chapek said: “we do anticipate some staff reductions”.