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Disney Cutting Thousands Of Jobs As DeSantis Set To Dissolve Company’s Special Tax District In Florida



Disney CEO Bob Iger is reportedly going to cut thousands of employees from his company in an attempt to save money. The news comes as Florida is set to vote on legislation that will dissolve Disney’s special tax district in the state.

According to Variety, “Disney will reduce its workforce by 7,000 employees in a bid to cut costs, Iger said Wednesday on the company’s earnings call for the year-end 2022 quarter. The figure represents 3.2% of Disney’s total headcount of about 220,000 worldwide as of Oct. 1, 2022.”

“The layoffs are part of Disney’s efforts to achieve about $5.5 billion in cost savings,” the report continued. “Of that, $2.5 billion represents ‘non-content costs’ (including labor costs) and $1 billion of those targeted cost-reductions are already underway, Iger said. Disney is aiming for an annualized reduction of $3 billion in non-sports content costs, Disney CFO Christine McCarthy told analysts. Of the $2.5 billion in non-content expenses, about 50% represents marketing spending; 30% represents labor costs; and 20% represents technology, procurement and other expenses, McCarthy said.”

Earlier this week, Florida Republicans filed a new piece of legislation that would allow Governor Ron DeSantis to appoint all five leaders of Disney’s special tax district in Orlando.

DeSantis’ office explained that the district, which has allowed Disney to govern themselves since the district’s creation in 1967, turned the theme park into “an unaccountable Corporate Kingdom.”

“Florida is dissolving the Corporate Kingdom and beginning a new era of accountability and transparency,” DeSantis’ office said. “These actions ensure a state-controlled district accountable to the people instead of a corporate-controlled kingdom.”

The legislation would dissolve the governing Board of the District and change the district’s name from “Reedy Creek Improvement District” to “Central Florida Tourism Oversight District.” A Board of Supervisors would be created and all five members will be appointed by the DeSantis and confirmed by the Florida Senate.

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