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January 30, 2024

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Disney's Bob Iger will lay off 7,000 workers

Disney’s Bob Iger is planning to lay off 7,000 employees in a ‘significant transformation’ to cut back costs as he eliminates some of his predecessor’s efforts. On Wednesday, Iger announced his plans to restructure the company, effectively eliminating the Disney Media and Entertainment Distribution group set up under former CEO Bob Chapek. The new structure, according to the , will have only three divisions, Disney Entertainment — which will include film and TV assets as well as Disney+; ESPN — which will include ESPN and ESPN+; and Parks, Experiences and Products — which will include theme parks and the consumer products team. As part of that changeup, Disney will cut 7,000 jobs — representing a little over three percent of its global workforce.The cuts are likely to predominantly affect the entertainment and ESPN divisions, despite the company beating analyst’s expectations for the fourth quarter of 2022. The changeup comes as Gov.Ron DeSantis  and the company faces a proxy battle with an activist investor seeking to gain a seat on the board. Disney CEO Bob Iger is planning to lay off some 7,000 employees as he restructures the company In announcing the new structure Wednesday, Iger likened it to changes he […] read more
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