Disney Co. has scrapped its metaverse division, a pet project of former Chief Executive Officer Bob Chapek, as part of a sweeping cost-cutting plan that will affect about 7,000 workers across the company.
The division, which was led by Mike White and had about 50 employees, was exploring ways to create immersive storytelling experiences using Disney’s intellectual property. White will stay at the company in a different role, according to people familiar with the matter.
The move is part of a broader restructuring announced by CEO Bob Iger last week, who said he wants to streamline Disney’s operations and focus on its core businesses.
The first round of layoffs began this week, mainly affecting production and acquisitions staff. More cuts are expected next month and in the summer.
The 50 staff part of the Next Generation Storytelling & Consumer Experiences division were laid off
Disney has shut down its metaverse division and laid off all of the team’s 50 or so members as part of a broader restructuring process
Disney has closed its Metaverse unit in the first steps of the company’s initiative to lay off employees across its sectors.