Last week wasn’t a good week for the Walt Disney Company. First of all, Florida Governor Ron DeSantis (R) won reelection in a landslide victory on Tuesday.
Then Disney’s corporate earnings disappointed Wall Street, sending its stock crashing to new lows. Now the entertainment giant is reportedly planning layoffs, a targeted hiring freeze, and travel limitation on its employees.
Disney CEO Bob Chapek wrote a letter to top company executives, that was obtained by multiple new outlets, where Chapek wrote, “I am fully aware this will be a difficult process for many of you and your teams. We are going to have to make tough and uncomfortable decisions. But that is just what leadership requires, and I thank you in advance for stepping up during this important time.
“Our company has weathered many challenges during our 100-year history, and I have no doubt we will achieve our goals and create a more nimble company better suited to the environment of tomorrow.”
Chapek also added, “We will be conducting a rigorous review of the company’s content and marketing spending, with all those efforts being overseen by newly formed ‘cost structure taskforce’ comprised of myself, CFO Christina McCarthy, and general counsel Horacio Gutierrez.”
It remains unclear at this time how many workers Disney will layoff and which areas of the company will be affected.
As reported by Breitbart News, Disney shares plummeted last week after the company reported fiscal fourth-quarter earnings that fell short of expectation, putting the company’s future profitability into question. Disney revealed that it lost a stunning $1.5 billion on its streaming entertainment services as it seeks to build out Disney+ and Hulu in an effort to compete with Netflix and other competitors.
Disney picked a political fight with Governor DeSantis earlier this year over the State of Florida Parental Rights inEducation Law, which prohibits the teaching of sexuality and gender ideology, including transgenderism, to children in kindergarten through third grade.
Caving to pressure from a small group of radicalized employees, Chapek condemned the law and pledged that Disney would embrace radical LGBTQ activism going forward.
This decision was obviously a huge mistake on Chapek’s part, as so far this year, shares of Disney stock is down a whopping 62%.
Maybe the wokeness will wake them up to what American’s really want, before a once great company is destroyed.
We appreciate our friends at Patriot Alerts for their contributions in this article.
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