Disney’s memo outlines grim future, Twitter’s content moderation cuts and more

Plus: Popular NYC restaurant responds to claims of racial discrimination.

Ragan Insider Premium Content
Ragan Insider Content

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.

[FREE GUIDE: The Ultimate Corporate Communications Internal Email Broadcast Best Practices]

“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.

To read the full story, log in.
Become a Ragan Insider member to read this article and all other archived content.
Sign up today

Already a member? Log in here.
Learn more about Ragan Insider.