Entertainment giant Disney said it was laying off 7,000 employees, as CEO Bob Iger announced a reorganization of the company he returned to lead last year. | via philstarlife
Entertainment giant Disney said Wednesday, Feb. 8 it was laying off 7,000 employees, as CEO Bob Iger announced a reorganization of the company he returned to lead last year.
In its 2021 annual report, the group said it employed 190,000 people worldwide, 80% of whom were full-time. Analysts had broadly expected the decline, and the Disney share price climbed more than five percent in post-session trading. Disney is also going to look at the volume of content it makes and the pricing of its streaming services, Iger told analysts.
Iger's new stint as CEO is facing major headwinds, including a campaign by activist investor Nelson Petz who is demanding major cost-cutting after he said Disney overpaid to buy the 20th Century Fox movie studio.
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