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go woke, go broke
Disney is the latest media company to announce job cuts in response to slowing subscriber growth and increased competition for streaming viewers. Photograph: Patrick T Fallon/AFP/Getty Images
Reuters
Wed 8 Feb 2023 17.08 EST
Disney on Wednesday announced a sweeping corporate restructuring that will result in 7,000 people losing their jobs as part of an effort to achieve $5.5bn in cost savings.
The layoffs represent an estimated 3.6% of Disney’s global workforce, and come after major job cuts at other US giants including Alphabet, Amazon, Ford, Meta and others.
The media company, which is under pressure to turn a profit from its global streaming business, said it would reorganize into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products.
The company said the restructuring would streamline operations, making its business more efficient, and reducing costs. Disney is the latest media company to announce job cuts in response to slowing subscriber growth and increased competition for streaming viewers. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit which lost more than $1 billion.
Warner Bros Discovery and Netflix previously underwent layoffs.
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www.theguardian.com
Disney to cut 7,000 jobs worldwide in effort to save $5.5bn in costs
Layoffs represent an estimated 3.6% of Disney’s global workforce and follows major job cuts at other top US companies
Disney is the latest media company to announce job cuts in response to slowing subscriber growth and increased competition for streaming viewers. Photograph: Patrick T Fallon/AFP/Getty Images
Reuters
Wed 8 Feb 2023 17.08 EST
Disney on Wednesday announced a sweeping corporate restructuring that will result in 7,000 people losing their jobs as part of an effort to achieve $5.5bn in cost savings.
The layoffs represent an estimated 3.6% of Disney’s global workforce, and come after major job cuts at other US giants including Alphabet, Amazon, Ford, Meta and others.
The media company, which is under pressure to turn a profit from its global streaming business, said it would reorganize into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products.
The company said the restructuring would streamline operations, making its business more efficient, and reducing costs. Disney is the latest media company to announce job cuts in response to slowing subscriber growth and increased competition for streaming viewers. Disney earlier reported its first quarterly decrease in subscriptions for its Disney+ streaming media unit which lost more than $1 billion.
Warner Bros Discovery and Netflix previously underwent layoffs.
more
Disney to cut 7,000 jobs worldwide in effort to save $5.5bn in costs
Layoffs represent an estimated 3.6% of Disney’s global workforce and follows major job cuts at other top US companies
