Disney Unplugs Metaverse Unit During Initial Round of Layoffs

Disney has eliminated a small business unit focused on exploring the metaverse, part of its initial efforts to reduce its workforce by about 7,000 employees.

About 50 workers were part of the group dedicated to “next-generation storytelling and consumer experiences.” Mike White, a former consumer products exec who had been leading the unit, will remain at the company in a yet-to-be-determined role, the source said. On Monday, Disney CEO Bob Iger confirmed in a staff memo that the first of three rounds of layoffs is starting this week as the company pushes toward a stated goal of $5.5 billion in cost savings. Word emerged Monday evening of a number of exec departures across the company’s general entertainment operations.