The CEO of The Walt Disney Company, Bob Iger, has announced a massive restructuring of the company. In addition to dividing the company into departments, 7,000 employees will be laid off, approximately 3% of the state.
The Walt Disney Company is undergoing a massive restructuring, the company announced. Within its framework, the business will be divided into three departments:
- entertainment, which will include film production, broadcasting, television shows;
- sports streaming service ESPN+ and various television assets;
- amusement parks, souvenir sales and more.
“We believe that the work we are doing to transform our business will lead to sustainable growth and profitability in our broadcast business, improve our position to meet global economic challenges, and benefit our shareholders,” said Disney CEO Bob Iger. . .
In addition, Disney planned to cut costs by $5.5 billion and lay off 3% of the staff, that is, 7 thousand people.
Disney’s results for the first fiscal quarter of 2023 missed analysts’ expectations. Profit increased 11% to $1.3 billion, while revenue increased 8% to $23.5 billion. The Disney+ streaming service lost 2.4 million subscribers for the first time.
Author:
Kirill Bilyk
Source: RB
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