Disney’s memo outlines grim future, Twitter’s content moderation cuts and more
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Walt Disney Co. is looking at cutting costs, according to an internal memo to managers obtained by CNBC.
These could include layoffs, a ban on most company travel and a hiring freeze.
The move by CEO Bob Chapek came after the company reported slow fourth-quarter earnings and a $1.5 billion quarterly loss in its streaming business last week.
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“I’m fully aware this will be a difficult process for many of you and your teams,” Chapek said in the internal note to management. “We are going to have to make tough and uncomfortable decisions.”
Company shares are reportedly down about 40% in 2022.
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Tags: content moderation, Disney, PR, public relations, Twitter