Despite the decision to eliminate 7,000 jobs, the Walt Disney Co. decided to purchase a 90-second spot during last night’s Super Bowl, leaving many scratching their heads.
Disney reported that its move to cut jobs last week and restructure was a money-saving measure. Despite this, it spent upwards of $18 million on the spot, as Fox reported it cost between $6 million and $7 million for its 30-second Super Bowl commercial slots.
The 90-second ad from Disney was to celebrate the company’s 100th anniversary coming this October. The company said it wanted to honor fans and creators throughout its “100 years of unrivaled storytelling and innovation” with the commercial.
Clips from numerous Disney movies and from fans were featured in the ad, and CEO, Bob Iger, shared in a statement that the upcoming year is a celebration for Disney.
“Disney100 represents a celebration of all of our fans and families, and our storytellers and creative visionaries whose talents and imaginations have created the magical moments that make Disney such an enduring part of the global culture,” Iger said.
News from Disney has been delivered in a whirlwind throughout the last week. It announced Wednesday that 7,000 people had been laid off, the same day Iger announced sequels for three of its franchises — Toy Story, Frozen, and Zootopia.
In total, Disney said that it would be cutting $5.5 billion in costs, with $3 billion being cut from content, excluding sports, and the remaining $2.5 billion coming from non-content cuts, according to CNBC.
The layoffs announced last Wednesday following the release of the company’s first-quarter earnings report makes up about 3% of the roughly 220,000 people employed for the company, according to an SEC filing.
Iger has been quick to action since returning to the company as CEO in November, after a nearly three-year absence that began when he stepped down and retired before the COVID-19 pandemic in 2020.
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