Benzinga - The Walt Disney Company (NYSE: DIS) is no stranger to layoffs, and the latest round of cuts is expected to impact each facet of the company. The entertainment conglomerate is expected to have cut about 4,000 jobs by the end of the week, with a third round of cuts expected before summer.
The cuts come as Disney CEO Bob Iger, who's been back in the top post at Disney for nearly five months, aims to save $5.5 billion with a restructuring plan.
In February, Iger announced the company's plan to eliminate a total of 7,000 positions, and the latest round of layoffs is part of the company's broader efforts to cut costs and reorganize its operations.
The recently returning CEO told Time that the $5.5 billion figure was what Disney "came up with that we thought was not only achievable, but that was necessary to the bottom line success of the company."
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While the company is slashing thousands with its latest round of layoffs, Disney is also looking to hire top talent with compelling salaries. Hulu, which is part of Disney's streaming division, has 97 open positions listed on Disney's careers page in the U.S., with the company offering top salaries for certain positions.
According to data released by the U.S. Office of Foreign Labor Certification, analyzed by Business Insider, Hulu salaries ranged from $93,150 to $208,000 per year, with the majority of roles being tech-related.
It's worth noting that the analyzed data from foreign-labor applications were submitted by the companies and certified between October 1, 2020, and December 31, 2021. The companies may pay more than the figures reflected in the data or compensate staffers in additional ways, like through grants and stock options.
However, the promise of top salaries doesn't mask the fact that the latest round of layoffs is a blow to the company's employees and to the wider entertainment industry.
The restructuring is part of a broader effort by the company to cut costs and adapt to the changing landscape of the entertainment industry, with Disney investing heavily in its streaming services in recent years.
Price Action: Shares of Disney are trading 0.75% lower to $98.80, according to data from Benzinga Pro.
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