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Disney lays off 7,000 as streaming subscribers decline
Disney said it was laying off 7,000 employees, as CEO Bob Iger announced a reorganization of the company he returned to lead last year.
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In this file photo taken on November 13, 2019 the Disney+ logo is seen on the backdrop for the World Premiere of 'The Mandalorian' at El Capitan theatre in Hollywood. (AFP/Nick Agro)
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ntertainment giant Disney said Wednesday it was laying off 7,000 employees, as CEO Bob Iger announced a reorganization of the company he returned to lead last year.
The job cuts follow similar moves by US tech giants dialing back from a hiring spurt that began during the height of the pandemic.
"I do not make this decision lightly," Iger said on a call to analysts after Disney posted its latest quarterly earnings.
In its 2021 annual report, the group said it employed 190,000 people worldwide, 80 percent of whom were full-time.
"We are going to take a really hard look at the costs for everything that we make, both across television and film," Iger said.
"Because things in a very competitive world have just simply gotten more expensive."
The storied company founded by Walt Disney said its streaming service saw its first ever fall in subscribers last quarter as consumers cut back on spending.
