Disney to cut 7,000 jobs

On the same day it posted its quarterly earnings, Disney announced plans to cut 7,000 jobs— about 3% — of its workforce.

CEO Bob Iger, who returned to the company in November 2022, said the company also will be restructuring into three divisions: Disney Entertainment (streaming, content and media); ESPN (the TV network and ESPN+ streaming service); and Parks, Experiences and Products.

“This reorganization will result in a more cost-effective, coordinated, and streamlined approach to our operations,” Iger said during the company’s earnings call Wednesday, Feb. 8. “I do not make this decision lightly.”

The layoffs are part of a plan to cut $5.5 billion in costs. The majority — $3 billion — of the cuts will come from the content devision (excluding sports).

Iger did not say whether the job cuts would affect park employees and operations at Walt Disney World.