The Walt Disney Co. plans to make "tough and uncomfortable decisions" as it looks to cut costs, CNBC reported on Friday. According to an internal memo sent by CEO Bob Chapek, Disney is aiming to become a "more efficient and nimble company overall" following a disappointing quarterly earnings report that saw its shares tumble.
Among the measures discussed in the memo is a hiring freeze, with only "the most critical, business-driving positions" allowed to add to the headcount. Disney is anticipating "some staff reductions," although there are currently no details. The media giant is also limiting business travel to essential trips only in the immediate term.
Disney shares added 0.60% in after-hours trade.
