Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

A person posing for a photo in front of the iconic Disney castle at Disneyland Resort in Hong Kong on Sept, 25. Photo: Miguel Candela Poblacion/Anadolu Agency via Getty Images

Disney is laying off 28,000 workers at its theme parks and experiences and consumer products divisions, the company said in a statement Tuesday.

Why it matters: The coronavirus pandemic has forced the company to close its California theme parks and limit attendance at re-opened parks elsewhere around the U.S. Around 67% of the 28,000 laid off workers are part-time employees, according to Josh D’Amaro, chairman of Disney's parks, experiences and products division.

What they're saying: “As you can imagine, a decision of this magnitude is not easy,” D’Amaro said in a statement.

  • “For the last several months, our management team has worked tirelessly to avoid having to separate anyone from the company."
  • "We’ve cut expenses, suspended capital projects, furloughed our cast members while still paying benefits, and modified our operations to run as efficiently as possible, however, we simply cannot responsibly stay fully staffed while operating at such limited capacity.”

Go deeper

Dec 11, 2020 - Economy & Business

Inside Disney's plans for streaming domination

Data: Company filings. Chart: Axios Visuals

Disney unveiled its most ambitious content push in its 97-year history, announcing more than 100 new projects, most of which will be available on its streaming service Disney+.

The big picture: In just over a year, Disney has gobbled up 86.8 million subscribers, making it nearly half the size (45%) of Netflix, which launched its streaming service over a decade ago.

57 mins ago - World

In photos: Egypt unveils 3,000-year-old "lost golden city"

A view on Saturday of the city, dubbed "The Rise of Aten," dating to the reign of Amenhotep III, uncovered near Luxor. Photo: Khaled Desouki/AFP via Getty Images

A top Egyptian archaeologist on Saturday outlined details of a newly rediscovered "lost golden city" near Luxor that dates back more than 3,000 years.

Why it matters: Zahi Hawass told NBC News the large ancient city, unveiled Thursday, tells archaeologists for the first time "about the life of the people during the Golden Age." Johns Hopkins University Egyptology professor Betsy Brian said in a statement it's "the second most important archeological discovery since the tomb of Tutankhamen."

1 dead as severe storms pummel the South

A tree that fell on a home carport damaged a vehicle during a storm in Central, Louisiana. No injuries were reported, according to Central Fire Department. Photo: Central Fire Department/Twitter

Strong storms lashed the South early Saturday, spawning at least one tornado and unleashing powerful winds and hail. And forecasters warned more severe weather was expected to hit parts of the region in the coming hours.

Details: Thousands of customers lost power in Florida, Mississippi, Arkansas, Texas and Louisiana, according to tracking site poweroutage.us. An F3 tornado that hit St Landry Parish, Louisiana, killed one person and wounded seven others.