Disney CEO Bob Iger says Disney will lay off 7,000 workers

Disney CEO Bob Iger said on the company’s earnings call Wednesday that Disney plans to lay off 7,000 workers.

The video in the media player is from a previous report.

Iger said the company is targeting total savings of $5.5 billion in costs. He added that the total $3 billion in cuts would come from content, excluding sports. While $2.5 billion will come from non-content cuts.

“This realignment will lead to a more cost-effective, streamlined and streamlined approach to our operations,” said Egger. I don’t take this decision lightly.”

The layoffs reach nearly 3% of the company’s 220,000 workers worldwide, according to a securities filing made in October.

Iger said the job cuts will coincide with a restructuring that will split the company into three core businesses: Disney Entertainment, ESPN and Disney Parks.

Disney shares were up about 8% in after-hours trading.

The layoffs arrive amid a series of layoffs in the media industry. Warner Bros. Discovery, Dotdash Meredith and Vox Media are among the companies that have cut jobs in recent months.

This is a developing story. . Please check back for updates

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