Disney's Bob Iger is swinging the ax as he plans to lay off 7,000 workers worldwide
The Walt Disney Co. announced plans Wednesday to cut about 4% of its entire workforce. That means layoffs for 7,000 employees.
The company's stock increased immediately after the announcement, which was expected.
Returning CEO, Bob Iger, is making a statement to his board about the company's finances moving forward.
His goal is to cut more than $5 billion in costs in part by consolidating divisions that make and distribute movies and TV shows.
Disney has actually been doing relatively well of late, with profits and revenues up, strong figures from theme parks, and more subscribers on Disney-owned streaming services such as ESPN+ and Hulu — although not Disney+.
But profits from traditional television have dropped, and none of the streaming services are making money.
Copyright 2023 NPR. To see more, visit https://www.npr.org.
MPR News is Member Supported
What does that mean? The news, analysis and community conversation found here is funded by donations from individuals. Make a gift of any amount today to support this resource for everyone.