Disney is preparing to cut jobs, according to leaked memo from CEO

Illustration by Alex Castro / The Verge

Disney CEO Bob Chapek is predicting “some staff reductions” once the company reviews its spending, according to a leaked memo published by CNBC. The company will also reportedly freeze most hiring, only bringing on new employees for “the most critical, business-driving positions.”

If Disney does end up carrying out a round of layoffs, it’ll be far from the only one among the companies pushing streaming services. Dozens of workers have lost their jobs at Warner Bros. Television and HBO Max this year. Netflix has also laid off hundreds of employees this year while reporting slower subscriber growth but noted during the last earnings call that its business remains profitable, unlike its premium streaming competitors, which include Disney.

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