Disney Tells Workers That Layoffs Are Coming

Disney told its corporate leaders on Friday that layoffs are coming in the wake of an earnings report that sent its stock price plunging. In the meantime, the entertainment giant will shore up its bottom line by putting a hiring freeze in place and restricting business travel. The Mouse House has been dealing with losses from its push into streaming. In a memo obtained by Variety, CEO Bob Chapek said of the belt-tightening, “I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time.”