Disney’s projected 7,000 employee layoffs started this week on Monday, with the firing of several executives. It seems as though Bob Iger is making his rounds through each of Disney’s subsidiaries, with ABC News being today’s target.
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Staff members at ABC News today were surprised to learn their division was next on the chopping block. According to a report from CNN, Disney has laid off several senior executives at the news studio. It has been announced that 50 roles have been cut from the team and that the company will have to restructure the entire newsroom due to the significant workforce cutbacks.
Kim Godwin, the ABC News president, will be in charge of reorganizing the news studio now that so many changes are hitting them at once. She sent a note to her employees this morning to reassure the remaining staff that they will get through this together.
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In the note, Godwin wrote, “Throughout the company, teams are being impacted by the downsizing that was announced several weeks ago, including our own ABC News family. While these actions are never easy, they are a necessary step to ensure we’re on solid footing for the years ahead as we chart a sustainable, growth-oriented path forward for the entire organization. While this is a difficult time for all of us — particularly those directly affected by these tough decisions — it’s important to remember that together, we are resilient, and will emerge from this period of transition stronger than before.”
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As part of the changes, ABC News is letting go of several Senior Vice Presidents and Senior Executive Producers. Much like the other cuts we’ve seen this week, Disney is working their way from the top down.
It’s a common strategy in downsizing to first let go of the highest-paid roles (such as VP roles), especially when the main objective is to save money. Disney’s goal is to save $5.5 billion companywide after all the cuts, which means there will be much more. While it is still being determined who will be next, one thing is certain, no subsidiary is safe, and no role is guaranteed to stay.
Which subsidiary do you think Disney will hit next? Let us know your thoughts in the comments.