Walt Disney Co. will tell employees that layoffs are likely as the media and entertainment giant will announce a series of cost-cutting measures, according to a memo to executives from Chief Executive Bob Chapek. Hiring and nonessential work travel across all Disney divisions has been frozen, and an administrative review of recommended spending cuts are to be released, according to the Wall Street Journal, reportedly based on a viewing of the memo. Disney’s move would fall in line with many other tech and media companies like Facebook parent Meta Platforms Inc. that are laying off workers. Disney shares, which closed up 5% at $95.01 Friday, were up less than 1% after hours. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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