Disney Layoff: setback a tremendous fall!!
Preparation for retrenchment in Disney after declining profits, sword in mumbai on those who spend wildly
Heavy fall in stocks
This time Disney has suffered a setback after its shares fell sharply at the beginning of the year due to a decline in Netflix's profits. Disney offices around the world are in turmoil as the company's shares plunged nearly 40 percent after the company's results for the last quarter. Although later these shares also improved by about five percent, now the water has gone above the head, the top management of the company has also accepted this. The company is taking better steps regarding next year's revenue and profits, but the confidence of those investing in the company's shares has been shaken.
A complete ban on new recruitment
Apart from the amount spent to acquire ownership of some big companies, experts have also commented on the financial management of the company behind Disney's deteriorating financial condition. Due to this, the company has now put a complete ban on new recruitment and has started identifying those officers who are drawing huge salaries in different branches of the company, whose decisions have caused huge losses to the company in the recent past. One such decision that came under scrutiny is the launch of the 'First Day First Show' on Hotstar by the company's mumbai office.
Hotstar's purchase under scrutiny
After coming under the ownership of Disney, all the top executives of Fox Star Studios were discharged because they, along with two veteran producers of hindi cinema, caused a huge financial loss to the company. In return, both these manufacturers provided considerable benefits to the concerned officials. On the same lines, this year's audit has found that the present management of the company did not properly investigate all hindi films before purchasing them. According to the information, taking the recently released film 'Kathputli' as a case study on the platform, those people are being identified who have bought the rights of direct OTT telecast of the films by paying a lot more than the cost of the films.
CEO sent a clear message
Disney CEO Bob Chepak has sent a clear message to his employees and executives about this. According to the message, “The company is conducting a thorough review of its performance and some staffing shortfalls are part of this review. However, due to this, there will be no compromise on quality nor will the company's invincible organized strength be allowed to suffer. But, we have to decide that the amount invested in the company should not only benefit the audience but it should also benefit the company.