Disney has cancelled its plans to expand its operations in Orlando, Florida, citing "changing business conditions" as the reason. The expansion would have included a new employee campus in Lake Nona and the relocation of the company's Imagineering team, and was estimated to cost $1 billion and relocate more than 2,000 California-based employees. Tensions between Disney and Florida Governor Ron DeSantis have been escalating, and with the return of CEO Bob Iger, Disney has decided to abandon the plans and keep its employees in California.
Posts tagged as “Bob Iger”
Gov. Ron DeSantis of Florida has signed a bill into law that strips Walt Disney World of its self-governing status and requires DeSantis to appoint a five-member board to oversee the government services provided in the theme park properties. The bill is seen as a way for DeSantis to gain political leverage and to punish Disney for its opposition to his “Don’t Say Gay” law, as well as to gain favor among conservative voters as he prepares for a potential presidential run.
The Walt Disney Co. announced Wednesday that it will be laying off 7,000 employees and cutting costs by $5.5 billion in the coming months as part of an effort to increase the profitability of its streaming business and focus more on core brands and franchises. Activist shareholder Nelson Peltz's demands for changes at Disney appear to have been satisfied by the announcement, and the reorganization is expected to be completed by the end of the fiscal year. No details have been released yet on which departments will be affected by the layoffs.
The Walt Disney Co. has announced that it will be cutting 7,000 jobs from its global workforce, amounting to about 3% of its total employees. The job cuts are part of a cost-cutting effort and are part of a “significant transformation” for the media and entertainment giant, as CEO Bob Iger is under pressure to revive the company's financial fortunes and its stock price. The job cuts come as a shock to many and it remains to be seen how the company will adjust to the changes and how its employees will be affected.