During the Walt Disney Company Q1 Earnings Call. Disney CEO Bob Iger announced that the company would be making $5.5 billion in cost cuts as part of their restructuring. Among those cuts will be 7,000 jobs.
The 7,000 staff reduction will equate to about 3.2% of Disney’s workforce.
Reductions are part of the $5.5 billion in cuts that Disney wants to make for the 2023 fiscal year. $2.5 billion will be cut to “non-content,” while $1 billion will be saved within reductions in SGNP and operating costs and $3 billion in non-sports content costs.
It’s unclear where the job cuts will all come from.
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