Disney reportedly plans mass layoffs, targeted hiring freeze

The Walt Disney Company is reportedly planning to cut jobs across the board and initiate a hiring freeze, according to a memo sent Friday from Disney CEO Bob Chapek. The reported moves come just days after the entertainment conglomerate released its quarterly earnings, which showed shockingly low results and saw Disney's share price hit a 52-week low. In the memo, Chapek told employees, "As we work through this evaluation process, we will look at every avenue of operations and labor to find savings, and we do anticipate some staff reductions as part of this review." It is unclear how many employees the company is planning to lay off.