News

Disney to Cut 4,000 Jobs

3/27/2001 8:53 AM Eastern

The Walt Disney Co. plans to lay off 4,000 employees from all of its
divisions, ranging from its theme parks to its broadcast and cable networks, a
company source confirmed Tuesday afternoon.

The parent company of ABC and ESPN expects the cuts to save it $350 million
to $400 million annually, The Wall Street Journal reported on its Web site.

In an electronic mail to employees, Disney attributed the cuts to
'increasingly pressing challenges of the softening economic environment,' the
newspaper reported.

The companywide layoffs follow major cuts at the company's Walt Disney
Internet Group division, where 535 employees were cut in January and
February.

Shares in Disney closed at $29.20 apiece Tuesday, up $1.28.

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