The Walt Disney Co. will cut about 7,000 jobs as part of an ambitious companywide cost-savings plan and “strategic reorganization” announced Wednesday by CEO Bob Iger.
following a challenging two-year tenure by his handpicked successor, Bob Chapek. The company said the job reductions are part of a targeted $5.5 billion cost savings across the company. As of Oct. 1, Disney employed 220,000 people, of which about 166,000 worked in the U.S. and 54,000 internationally.
The executive also announced changes to how executives will operate Disney’s various divisions. Specifically, creative executives will now be responsible for determining what movies, TV series or other content to produce, as well as the marketing and distribution. Disney said Wednesday that it earned $1.28 billion, or 70 cents per share, in the three months through Dec. 31. That compares with net income of $1.1 billion, or 60 cents per share, a year earlier.
Disney said sales at its parks, experiences and products segment grew 21% to $8.74 billion, from $7.23 billion a year earlier. While revenue for the segment that includes Disney’s movie business edged up 1% to $14.78 billion from $14.59 billion a year earlier. The company rolled out new price tiers for its U.S. Disney+ service in December that raised the monthly price for ad-free viewing from $7.99 to $10.99 and created a new basic Disney+ service with ads that costs $7.99 a month.
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