Disney boss Robert Iger has revealed a restructuring plan which includes laying off 7,000 global workers.
The entertainment giant expects to save $5.5 billion in costs the cuts to around four percent of its staff.
Mr. Iger unveiled the news in his first earnings call since his return as CEO.
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The firm will have three core businesses after the overhaul: Disney Entertainment, ESPN, and Parks, Experiences, and Products unit.
Content executives will also be given more power, and a greater emphasis will be placed on sports media.
Mr. Iger outlined revamps to the company’s slate of movies and television shows and the restoration of Disney’s dividend.
Its streaming video services would likely have pricing changes.
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Mr. Iger is under pressure to recover the company’s streaming business and reinstate its stock price.
Disney is grappling with bringing new subscribers to its streaming service, Disney+, as it faces a drop in customers.
Investors and staff have been waiting for information about the restructuring for months.
Layoff rumors surfaced soon after Iger took over for departing Disney CEO Bob Chapek last November.
Last year Netflix cut jobs after a dramatic decline in subscribers, which affected revenue.
Warner Bros Discovery had also conducted layoffs in phases that hit its various departments.
Source: The Wall Street Journal
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