Disney CEO Bob Iger revealed on Wednesday that around 7,000 employees will be laid off as the entertainment firm seeks to cut expenses, restore a focus on creativity, and chase profitability.
Iger said that the goal of Hollywood’s most influential studio is to save $5.5 billion in costs, with $3 billion coming from content and $2.5 billion from non-content areas.
He emphasized the company’s commitment to running more efficiently, especially in a difficult economic climate.
“This reorganization will result in a more cost-effective, coordinated, and streamlined approach to our operations, and we are committed to running our business more efficiently, especially in a challenging economic environment,” he said during an earnings call….