The entertainment giant has cut the approximately 50 employees that worked in the division that was helmed by exec Mike White, according to the Wall Street Journal on Tuesday, citing unnamed sources familiar with the situation. The company-wide reorganization effort was recently unveiled by CEO Bob Iger, according to the outlet.
The next-generation storytelling and consumer experiences group working on metaverse strategies for Disney dated back to Bob Chapek's tenure as CEO. He said the company had been trying to create a new paradigm for how audiences experience and engage with stories, and he said that they had been trying to create an entirely new paradigm for how audiences experience and engage with stories.
In November Iger took over the role of Disney's CEO, a mantle he had previously held for about fifteen years, spanning from 2005 to 2020.
FOX Business reached out to Disney for comment regarding the metaverse division.
According to February remarks from Iger, the reorganization at Disney is intended to result in a more cost-effective, coordinated, and streamlined approach to Disney and its operations. It involves the reduction of Disney's workforce by about 7,000 workers.
This week marks the start of layoffs of Disney employees. Iger told Disney employees in a company-wide message that two more rounds of layoffs will follow the one beginning this week.
The next one will take place in April. The memo says that the third is coming before the beginning of the summer.