Walt Disney Co. increases the number of employees planned for early 2021 by about 4,000 – mostly in its theme parks – to a total of 32,000 as the entertainment giant continues to struggle with coronavirus closures and restrictions due to the pandemic.
At the SEC’s filing on Wednesday, Disney revealed plans for expanded layoffs ̵
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Overall, the company estimates that the net adverse impact of COVID-19 on operating income for its entire business segment is approximately $ 7.4 billion.
Disney parks, experiences, and products account for $ 6.9 billion of those losses, seeing little or no revenue from closed theme parks or attractions such as the Disney Center, which offers shopping and dining. The Disney Center in California recently reopened with restrictions and recommendations.
As of October 3, Disney employs approximately 203,000 people – about 155,000 of whom work at Disney Parks, Experiences and Products. The global workforce consisted of approximately 80% full-time and 20% part-time employees, with nearly 1% of part-time employees being seasonal.
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The pandemic has also had an adverse effect on Disney’s licensing business. His studio entertainment segment is slowing or, in some cases, cutting or canceling theatrical releases – moving several titles such as “Mulan” to its Disney + streaming service. Its production on Broadway has been suspended since the end of the second quarter.
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Advertising sales in the company’s media networks, as well as direct sales to consumers and international segments also suffered. Since March 2020, there have been significant disruptions in content production and availability, including the transition of key live sports programs from the third quarter to the fourth quarter and to fiscal 2021.
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Production of most film and television content has been suspended since the end of the second quarter, although some film and television production resumed in the fourth quarter, according to the filing.