This archive report was first published on 22 April 2020.
Published on April 22, 2020, Walt Disney, the world's largest entertainment group, has announced plans to halt payments of 100,000 staff as it struggles to stay afloat amid the COVID-19 pandemic.
The move, which is expected to save the company up to $500 million per month, comes as Disney's online streaming site, Disney Plus, continues to thrive, hitting close to 50 million subscribers.
Despite the financial struggles, Disney maintains that it will provide full healthcare benefits for all the affected staff.
Already, the company's executive chairman, Bob Iger, has given up his entire salary as chief executive, Bob Chapek, takes a 50% pay cut.
Disney is an American diversified multinational mass media and entertainment conglomerate with its headquarters in California, USA. It operates theme parks and hotels in the US, Europe, and Asia.
