The most magical company on Earth waved a wand and poof, thousands of workers are being cut from Disney's entertainment sector and others.
Disney CEO Bob Iger has framed the planned layoffs as part of an overall cost reduction strategy. The company is seeking to eliminate $3 billion in content-related expenses and at least $2.5 billion more from non-content cuts, as Iger outlined during that first quarter earnings call. Disney reported some rather grim February results. The company lost about 2.
4 million Disney+ subscribers worldwide—its first ever drop in customers. The streaming service also experienced a 2% revenue decrease in North America—even despite“I do not make this decision lightly,” Iger told investors on the call. “I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I’m mindful of the personal impact of these changes.”
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