The Walt Disney Co. is paying the consequences of going ‘woke’ as its employees’ brace for brutal cutbacks and budget cuts.
Disney CEO Bob Iger is expected to announce thousands of layoffs and drastic cuts when the company reports quarterly earnings on Wednesday.
The cuts come following a disastrous 2022, which saw the company profits tank after it embraced woke ideology.
But Disney’s woes don’t end there.
The company is also facing a proxy fight from pro-Trump billionaire Nelson Peltz, whose Trian Fund Management owns more than 9 million shares of the company.
Peltz is angling for a seat on the Disney board and replace Clinton veteran Michael Froman.
But Peltz is unhappy about how the company is being run, including its ill-advised fight with Florida Gov. Ron DeSantis over the state’s anti-grooming Parental Rights in Education law.
The fight didn’t end well for Disney, which lost its privilege of self-governing status in the Orlando area.
Disney is another victim of the current bloodbath affecting Hollywood and Big Tech. The effects are cratering the advertising market as companies pull back on ad buys amid skyrocketing inflation and a looming recession.
Among those affected include Warner Bros. Discovery, Paramount, and Netflix.
In 2022, The Walt Disney Co. saw a whopping $123 billion wiped from its market value.
As The Daily Fetched noted that 2022 represented Disney’s worst year since 1974, its financial woes come as the company increasingly embraces transgenderism, critical race theory, and other forms of woke politics in its entertainment aimed at children.
As we reported last November, Disney’s new animation adventure “Strange World,” featuring its first openly gay character, completely flopped at the box office.
The movie faced massive criticism for what parents said was forcing a progressive ideology on children.
Just this week, Disney came under fire again for a cartoon aimed at young children declaring America was “built on slavery” and pushing ‘reparations.’
The Proud Family: Louder and Prouder aired an episode featuring children discovering their town was founded by the slave owner.
The episode comes just months after the new CEO of Disney, Bob Iger, promised to “quiet things down” on the woke front.