Walt Disney Co.said it plans to trim 7,000 jobs and eliminate $5.5 billion in costs as part of a major corporate reorganization that gives more power to the company’s content executives and puts a greater emphasis on sports media at the company.
The announcement of layoffs and cuts come in the first earnings report since Robert Iger returned to the role of chief executive in November after Disney’s board abruptly dismissed previous CEO Bob Chapek, who led the company for less than three years.
[What was that Biden said last night about our economy? The tech sector has laid off 100,000 or so in just the last couple of weeks, and now the entertainment industry is getting downsized too. Ironically, this comes as Disney apparently showed real improvement in their streaming services, which had been a weak spot for the company. — Ed]
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