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Walt Disney Co. cutting 7,000 jobs to reorganize and slash costs


Disney CEO Bob Iger said on the company’s earnings call on Wednesday that they are set to lay off 7,000 workers. The company is targeting a total of $5.5 billion in cost savings, and $3 billion in cuts will come from content, excluding sports, while $2.5 billion will come from non-content cuts. Iger, who rejoined the company as CEO in November, said: “This reorganization will result in a more cost-effective, coordinated and streamlined approach to our operations. I do not make this decision lightly.”

The layoffs amount to roughly 3% of the company’s 220,000 workers worldwide, and will coincide with a restructuring that will divide the company into three core businesses: Disney Entertainment, ESPN and Disney Parks. Before the layoff announcement, the company released an earnings report which stated that Disney brought in $23.5 billion in revenue over the three months ending in December, which marked an 8% growth over the same period a year prior. However the company’s streaming service, Disney+, lost subscribers for the first time since its launch in 2019. The service dropped 2.4 million subscribers, more than analysts expected.  Shares of Disney rose nearly 8% in after-hours trading.

Editorial credit: rafapress /

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