Disney executives reported the layoffs as part of a $5.5 billion cost reduction plan, of which $3 billion will correspond to content, excluding sports content
The Walt Disney Company announced this Wednesday that it will lay off 7,000 employees, about 3% of its workforce, as part of a cost reduction plan that will affect content.
This was reported by the company’s top executive, Bob Iger, in a call with analysts to discuss the results of the first quarter of his fiscal year, in which he earned 1,279 million dollars, 16% more year-on-year.
Disney executives reported the layoffs as part of a $5.5 billion cost reduction plan, of which $3 billion will correspond to content, excluding sports content. The other 2,500 million savings correspond to expenses in marketing, labor and technology, among other things.
On the other hand, Disney announced that it will restructure its operations in three segments: one of parks, experiences and products; another, for entertainment, and a third, dedicated to the ESPN channel and the ESPN+ platform.
In quarterly results released today, the company reported a loss of 2.4 million subscribers to its Disney+ streaming service and indicated that it shows losses, although it did not quantify them.