Disney layoffs will affect 7,000 workers worldwide: NPR
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The Walt Disney Co. on Wednesday announced plans to cut about 4% of its entire workforce. This means layoffs for 7,000 employees.
Shares of the company rose immediately after the announcement, which was expected.
Returning CEO Bob Iger makes a statement to his board about the future of the company’s finances.
Its goal is to cut costs by more than $5 billion in part by consolidating divisions that make and distribute movies and TV shows.
Disney has been doing relatively well lately, with rising profits and revenue, strong theme park numbers, and more subscribers on Disney-owned streaming services like ESPN+ and Hulu — but not Disney. +. This platform lost 2.4 million subscribers in the first quarter of the fiscal year, according to the company’s latest earnings report.
But traditional TV profits have plummeted, and none of the streaming services are making any money.