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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