All is not happy in Disney World these days as executives at the Walt Disney Co. met this Thursday to discuss some cost-saving initiatives that may include layoffs, according to the Los Angeles Times. The Burbank, Calif.-based media company is facing a tidal wave of negative indicators, such as slower advertising spending and likely slower attendance to its theme parks attributed to the slowing economy, that will likely translate into a smaller bottom line.
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Disney isn't the only media company feeling the pinch. Peer CBS Corp.'s already announced a $12.5
billion loss. Well aware of its trouble, Disney executives reportedly recommended the following cost savings:
- executives flying "one grade below what they're entitled to," and "stay in 'B' level hotels."
- the end of holiday parties, and
- the news division canceling newspaper and magazine subscriptions.
The banks receiving U.S. Treasury funding should take notice of what Disney's Bob Iger is demanding of his executives. Maybe then politicians would stop calling bankers to testify where they end up being beaten like a Mickey Mouse pinata. -
Gerald Magpily
See LA Times article
