ICYMI: In a memo to staff, TheWaltDisneyCompany CEO BobChapek reportedly announced that cuts in spending, costs & staffing were on the way. / TWDC Disney DisneyPlus Hulu ESPN Disneyland DisneyWorld MarvelStudios Lucasfilm
\nWhile Warner Bros. Discovery has taken the brunt of the bad headlines when it comes to media financial dealings as it looks to cut $3.5B in savings, to say that 2022 hasn't been a very good year Wall Street-wise for companies like Netflix, Paramount Global, and others would be an understatement. That truth became more painfully clear earlier today, with Deadline Hollywood reporting that The Walt Disney Company CEO Bob Chapek is calling for cuts in spending, costs, and staffing.
\nTo help guide us on this journey, I have established a cost structure taskforce of executive officers: our CFO, Christine McCarthy and General Counsel, Horacio Gutierrez. Along with me, this team will make the critical big picture decisions necessary to achieve our objectives.\nWe are not starting this work from scratch and have already set several next steps—which I wanted you to hear about directly from me.
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