It’s been a bad week for the Walt Disney Co.
First, Florida Gov. Ron DeSantis (R) won re-election in a landslide victory on Tuesday. Then Disney’s corporate earnings disappointed Wall Street, sending its stock crashing to new lows. Now the entertainment giant is reportedly planning layoffs, a targeted hiring freeze, and travel limitation on its employees.
In a letter to top company executives obtained by multiple news outlets, Disney CEO Bob Chapek said the austerity measures will be “difficult” but necessary.
“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,” he wrote.
“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.”
He said Disney will also be conducting a “rigorous review of the company’s content and marketing spending,” with all of these efforts being overseen by newly formed “cost structure taskforce” comprised of Chapek, CFO Christina McCarthy, and general counsel Horacio Gutierrez.
It remains unclear how many workers Disney will layoff and which areas of the company they will come from.
As Breitbart News 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.
Disney picked a political fight with Gov. DeSantis earlier this year over the state’s Parental Rights in Education Law, which prohibits the teaching of sexuality and gender ideology — including transgenderism — to children in kindergarten through third grade.
Caving to pressure from a small group of radicalized employees, Chapek condemned the law and pledged that Disney would embrace radical LGBTQ activism going forward.
So far this year, shares of Disney are down a whopping 62 percent.
Disney brought this all on themselves by pandering to a small percentage of “Woke” individuals and groups instead of delivering the wonderful and entertaining ware of the past. We do not promote Disney in our household, do not purchase Disney products, and do not allow our children to watch their disgusting LGBTQ+ videos or movies. Done with Disney.
I have to say this Disney has outlived itself, especially with this WOKEISM nonsense crap this company can not allow CEOs to run Disney Corp. with this kind of ideology these radical people will drive Disney into the ground and bankruptcy for sure. Walt himself must be rolling in his grave right now. I remember Disneyland quite well I went there when it first open then it was a family affair business not the BS it is with all of its locations around the world. GO WOKE GO BROKE.
Congratulations goes out to”we the people” for voting with their wallets against Disney after that company went all out WOKE!!! This sends yet another message to WOKE FOLKS that think they can force their will on company CEO’s who will bow down to their WOKE demands. Woke folks may force companies to do their bidding but woke folks do not control where the vast majority of “we the people” spend our money. We use the biggest weapon we have – OUR WALLETS – to send the right message to woke companies. Good job!
WAKE UP AMERICA AND ASK YOURSELF WHY WE ALLOW WOKE FOLKS WHO ARE LESS THAN 20% OF OUR POPULATION, TO TELL THE 80%+ OF US WHAT TO SAY , WHAT TO DO AND HOW TO ACT!!!