Disney Is Planning Major Layoffs Within The Next Two Weeks

Josh Hallet via FlickrDisney is expected to make cuts to its studio and consumer products division in the next two weeks.More cuts are coming to Disney.  

The Walt Disney Company will lay off a number of workers in the coming weeks, according to Reuters

Cuts to both Disney’s film studio and consumer products division could come as early as two weeks. 

Employees from animation and marketing and home video are expected to be laid off. 

It’s currently unknown how many reductions will occur, but the layoffs are reported to be a cause of an internal audit from CEO Bob Iger who wants to cut costs. 

Numbers wise, Disney had record earnings ever in November

Its stock continues to hit all-time highs reaching $53.53 in January and $57.76 last month.

In February, the company revealed lower first quarter results, attributing them in part to “rising costs of acquiring TV sports rights for its ESPN division,” something Iger previously predicted would occur at the end of 2012. 

Right now, Disney doesn’t need as much man power as it once did at its studio. 

The studio is now heavily relying on brands Pixar, Marvel, and, now Lucasfilm to release films. 

Marvel has six films set to release now through 2015, Pixar just announced a highly-anticipated sequel to 2003 hit “Finding Nemo,” and the new “Star Wars” trilogy is set to begin in another two years time. 

These aren’t the first layoffs to be announced this week. 

Earlier this week, Disney shut down video game company LucasArts, laying off 150 people.  

The Mouse House acquired Lucasfilm back in December after initial word of a $4 billion purchase was revealed last October.  

Work on future “Star Wars” related games will most likely come from its own troubled game segment, Interactive, which is hoping for a massive success when its new gaming initiative, Infinity, launches later this summer. 

Last September, Disney Interactive laid off more than 50 employees.  

A year prior, the company laid off a reported 200 employees from its interactive unit. 

In December, The Walt Disney Company was ordered to pay $319 million to the creator of game show “Who Wants to be a Millionaire?” Celador, after losing an appeal for a new trial. 

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.