Disney suspends pay for 100,000 employees: FT

Walt Disney this week will start to furlough more than 100,000 employees as a response to the global coronavirus outbreak that has shut down or disrupted its media and theme park businesses, according to the Financial Times.

Yahaira Jacquez reports.

The Happiest Place on Earth will stop paying nearly half its workforce this week.

The Walt Disney is looking to save money as global lockdowns have shuttered its parks, hotels and cruises.

That's according to the Financial Times, which reported the world’s largest entertainment company will stop paying more than 100,000 employees.

A measure that the company expects will amount to $500 million in monthly cost-savings.

The move comes after Disney just last week announced it would start furloughing non-essential employees in the U.S. Disney said it would provide full health care benefits for all employees who have been placed on unpaid leave.

According to the Financial Times, its parks, experiences and products business last year brought in nearly $7 billion last year, making up nearly half of its total operating profits.