Disney stock crashed to new lows earlier this week amid reports the entertainment giant is planning layoffs, travel limitations on its employees, and a hiring freeze.
Disney CEO Bob Chapek said the austerity measures would be difficult” but necessary, according to a letter to top company executives.
“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,” Chapek said.
“But that is just what leadership requires, and I thank you in advance for stepping up during this important time,” he added.
“Our company has weathered many challenges during our 100-year history, and I have no doubt we will achieve our goals and create a more nimble company better suited to the environment of tomorrow,” Chapek continued.
Chapek said the company would also be conducting a “rigorous review of the company’s content and marketing spending,” with efforts being overseen by a newly formed “cost structure task force” comprised of Chapek, CFO Christina McCarthy, and general counsel Horacio Gutierrez.
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As Brietbart reported:
Disney shares plummeted this week after the company reported fiscal fourth-quarter earnings that fell short of expectations, putting the company’s future profitability into question. Disney revealed that it lost a stunning $1.5 billion on its streaming entertainment services as it seeks to build out Disney+ and Hulu in an effort to compete with Netflix and other competitors.
Earlier this year, Disney politically targeted Gov. DeSantis over the state’s Parental Rights in Education Law, which prohibits the teaching of sexuality and gender ideology.
Chapek condemned the law and vowed Disney would embrace radical LGBTQ activism.
Since then, Disney shares have been down a whopping 62 percent.
Go woke, go broke.