Disney CEO Bob Chapek is predicting “some staff reductions” once the company reviews its spending, according to a leaked memo published by CNBC. The company will also reportedly freeze most hiring, only bringing on new employees for “the most critical, business-driving positions.” If Disney does end up carrying out a round of layoffs, it’ll be far from the only one among the companies pushing streaming services. Hundreds of workers have been laid off at Warner Bros. Television this year. Netflix also laid off hundreds this year. While reporting slower subscriber growth, the last earnings call noted that its business remains profitable unlike its premium streaming competitors such as Disney. So far, there aren’t any details about how many workers may be affected, as Disney will start by forming a “cost structure taskforce” to go through its finances. However, the prospect of layoffs loomed after its earnings call on Tuesday when CFO Christine McCarthy said Disney was “actively evaluating our cost base currently, and we’re looking for meaningful efficiencies.”Even the mouse isn’t immune to economic uncertaintyThe company is tightening its belt in other ways, too, with Chapek’s memo telling employees to conduct business meetings virtually when they can to cut down on travel expenses.Outside of entertainment, the tech world has seen some brutal cuts: Meta and Twitter have laid off thousands in the last week alone, while Amazon instituted a corporate hiring freeze, Over the last few months, Snap, Microsoft, and several crypto firms have also reduced their ranks.



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