CEO Bob Chapek of Disney told executives that layoffs at the entertainment giant were likely, just days after a weak earnings report that missed expectations by over $1 billion, the Wall Street Journal reported Friday, citing an internal memo.
The email also announced a hiring freeze among other cost-saving measures including a request to limit travel without prior approval from executives, according to the WSJ. The company missed expectations for its fourth quarter earnings on Nov. 8 after losing nearly $1.5 billion on its Disney+ streaming service, nearly 40% worse than what analysts anticipated.
Walt Disney established the Disney Company in 1923 for the sole purpose of entertaining children with fun-loving characters. It is one of the most iconic companies in the world, loved by most families. Disney’s theme parks are an important vacation attraction for most families located on three continents. Disney is the leading producer of family movies.
Disney’s new CEO Bob Chapek is now transforming Disney into Woke-Disney with his opposition to what the left mendaciously calls “Don’t Say Gay,” a Florida law forbidding public schools from teaching inappropriate gender identity or sexual orientation in grades K-3. The law does not use the word gay.