Bad News For Disney

Disney just can’t seem to stay off the evening news. …

After going full woke, the company hit a nerve with concerned parents, conservative pundits, and politicians.

Leading the battle against the entertainment giant is none other than Florida Governor Ron DeSantis.

DeSantis is threatening to take away Disney’s special status and privileges under the Reedy Creek Improvement Act—something that would spell disaster for the company’s physical park in Florida.

Aside from their legal woes, the company’s sales have reportedly been in free fall and their stock has been in a downtrend for roughly 2 years now.

To make matters even worse for Disney, conservative parents have been boycotting the company in increased numbers—this would explain the slumping sales and corresponding drop in stock price.

Now, the company has announced a 15% mass layoff of workers—from the entertainment division in particular.

Here’s what we currently know:

It's working:
Disney is laying off 15% of it's workforce. The company’s stock price has declined 17% over the past year, and several other prominent entertainment and technology companies have been forced to dismiss 7,000of their employees. Disney has also lost trust…

— Sheri (@Sheri82731026) April 23, 2023

Despite Bob Iger’s return as CEO, Disney’s stock is still trading at 35% below its level of four years ago. https://t.co/IqBYoN8qEZ pic.twitter.com/0s3RVCYDGl

— Fortune 500 (@Fortune500) April 23, 2023

According to Conservative Brief:

In addition to the layoffs, Disney is implementing a restructuring plan for its finance department, which involves closer consolidation of staff managing accounts for Disney Entertainment and ESPN.

As per a memo obtained by Business Insider, Bryan Castellani will serve as the finance lead for both business units under Disney CFO Christine McCarthy.

 

Too bad they’re laying off so many employees due to their “not so family oriented” values. https://t.co/6IJq0k4C8Z

— MM 🍊🇺🇸🍊🇺🇸 (@Flipper65) April 23, 2023

Market Watch reports:

Shares of Walt Disney Co. DIS fell 0.4% in premarket trading Wednesday, after Bloomberg reported that the media and entertainment giant was planning to lay off thousands of employees next week.