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| Disney's Bob Iger will lay off 7,000 workers as company cuts back on costs - despite beating earning expectations and revenue growing to $23.51 billion in 2022 as Ron DeSantis seizes control of its Florida Reedy Creek Improvement District |
| 2023-02-09 |
[Daily Mail, where America gets its news]
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 Hollywood Reporter, 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. Disney to slash 7,000 jobs as Iger reveals sweeping revamp of business [NYPOST] Walt Disney CEO Bob Iger on Wednesday announced a sweeping corporate restructuring that will slash 7,000 jobs as part of an effort to achieve $5.5 billion in cost savings. The Mouse House, which is under pressure to turn a profit from its global streaming business, said it would reorganize into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products. "I do not make this decision lightly," Iger said on Wednesday’s conference call with investors, regarding the cuts. Iger outlined the cost-cutting plan to investors during the company’s fiscal first-quarter earnings call, in which Disney reported adjusted earnings per share of 99 cents, ahead of the average analyst estimate of 78 cents, according to Refinitiv data. Net income came in at $1.279 billion, below analyst estimates of $1.429 billion. Revenue hit $23.512 billion, ahead of Wall Street estimates of $23.4 billion. Iger said he planned to cut $2.5 billion in sales and general administrative expenses and other operating costs, an effort that is already under way. Another $3 billion in savings would come from reductions in non-sports content, including the layoffs. "There’s a lot to accomplish but let me be clear, this is my No. 1 priority," said Iger, touting the importance of streaming and returning value to shareholders. Related: Bob Iger: 2022-11-27 Animated Gay Teen Romance Film Is Woke Disney's Latest Box-Office Bomb Bob Iger: 2022-11-26 Disney's first animated movie with a prominent gay character bombs Bob Iger: 2022-11-23 Woke Fail: Bob Chapek Exits Disney, Bob Iger Returns as CEO Related: Reedy Creek Improvement District: 2023-02-07 Ron DeSantis Reedy Creek Improvement District: 2022-04-24 Tragic Kingdom at Pedo Park– Disney Has Lost $50 Billion So Far… Reedy Creek Improvement District: 2022-04-23 Disney totally earned its slapdown from Florida lawmakers |
| Posted by:Skidmark |
| #4 ^^^ Serious quesion: Which 7000 will they be firing? Will it be the SJWs who have wrecked the company? Or will it be a bunch of ticket takers at Disneyland? |
| Posted by: Tom 2023-02-09 16:14 |
| #3 Hopefully they don’t whack Goofy. |
| Posted by: Super Hose 2023-02-09 12:52 |
| #2 Their steaming service is full of Edgar suits, divisive, and quality so poor the GROOMERS+ think they are being trolled. ESPN is a fashion brand now. When they do show a game, the pool of sportscasters is so thin due to them aging and retiring that these studio twerps with no life experience are filling the gaps. despite the company beating analyst's expectations for the fourth quarter of 2022. We didn't fall 1000 feet, we defied expectations by only falling 998. As for the parks, well, I"m curious what happens to and how secure the data is concerning face recording the children. |
| Posted by: swksvolFF 2023-02-09 11:10 |
| #1 Seriously, when was the last time you paid to watch a Disney Movie? My last paid movie attendance was pre-2010 I feel it's streaming & Disney's "reach into the Amoral Oddity Ozone" for subject matter content that is killing it. |
| Posted by: NN2N1 2023-02-09 04:53 |