The Walt Disney Company is undergoing its own round of layoffs as part of a major endeavor to restructure its operations. CEO Bob Iger announced the layoffs on Wednesday during a call for the first earnings report since he rejoined the company.
7,000 employees will be let go, equating to 4% of Disney’s global workforce. Overall, the company is aiming to cut its yearly costs by approximately $5.5 billion USD.
We must return creativity to the center of the company, increase accountability, improve results, and ensure the quality of our content and experiences,” Iger said during the call, per The New York Times.
The cuts will reportedly impact employees based in the United States the hardest, though few cuts will be made to Disney’s parks and resorts.
As part of the restructuring, the company will also be lumping content production and distribution into a singular unit. ESPN, meanwhile, will remain a standalone business operation. Iger says that, despite rumors, the company isn’t planning to sell ESPN.
In other entertainment news, Netflix’s Money Heist spin-off BERLIN sees the character plan his own robbery.
