Walt Disney Co on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs.
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Under a plan to cut costs and return power to creative executives, the company will restructure into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products. Iger also said he would ask the company’s board to restore the shareholder dividend by year end. Chief Financial Officer Christine McCarthy said the initial dividend would likely be a “small fraction” of the pre-COVID level with a plan to increase it over time.
“My sense is that Disney is already doing many of the things Nelson Peltz is demanding, though not necessarily in response to pressure from him,” said Paul Verna, principal analyst at Insider Intelligence.Article content
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