Disney To Lay Off 7,000 Workers
In an effort to reduce expenses by $5.5 billion and reorganise the corporation into three key business segments—Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products—Disney has stated that it will fire 7,000 employees. The decision to fire employees, according to CEO Bob Iger, was not taken lightly, and the new organisational setup will lead to a more efficient and streamlined way of conducting business.
Due to the high demand for its theme parks, the company's quarterly earnings indicated a beat on both the top and bottom lines. Disney+'s streaming losses decreased despite a minor decline in subscribers, thanks in part to its ad-supported tier and recent pricing increases. After rejoining the corporation in November, Bob Iger has reaffirmed his dedication to establishing a clear connection between content choices and financial results.
"This choice is not one I make impulsively. I have the utmost respect and admiration for the ability and commitment of all of our workers, "Iger stated on a conference call with investors after Disney released its most recent quarterly profits. The company had 190,000 employees globally as of october 2 of that year, with 80% of them working full-time, according to its 2021 annual report. The illustrious firm created by Walt Disney also reported that consumers' reduced spending caused its streaming service to experience its first-ever decline in subscriptions in the most recent quarter.