Disney plans hiring freeze, layoffs and cost cuts, according to a memo from CEO Bob Chapek

Disney plans to institute a targeted hiring freeze as well as some job cuts, according to an internal memo sent to executives.

“We are limiting headcount additions through a targeted hiring freeze,” CEO Bob Chapek said in a memo to division leads sent Friday and obtained by CNBC. “Hiring for the small subset of the most critical, business-driving positions will continue, but all other roles are on hold. Your segment leaders and HR teams have…