Disney Cutting 7,000 Jobs, or 3% of Workforce, Eyes $5.5 Billion in Total Cost Reductions

Bob Iger is back as Disney’s CEO — and swinging the axe. Disney will reduce its workforce by 7,000 employees in a bid to cut costs, Iger said Wednesday on the company’s earnings call for the year-end 2022 quarter. The figure represents 3.2% of Disney’s total headcount of about 220,000 worldwide as of Oct. 1, 2022. The layoffs are part of Disney’s efforts to achieve about $5.5 billion in cost savings. Of that, $2.5 billion represents “non-content costs” (including labor costs) and $1 billion of those targeted cost-reductions are already underway, Iger said. Disney is aiming for an annualized reduction… Read Full Article