Current:Home > ScamsDisney's Bob Iger is swinging the ax as he plans to lay off 7,000 workers worldwide-DB Wealth Institute B2 Expert Reviews
Disney's Bob Iger is swinging the ax as he plans to lay off 7,000 workers worldwide
View Date:2024-12-23 21:15:07
The Walt Disney Co. announced plans Wednesday to cut about 4% of its entire workforce. That means layoffs for 7,000 employees.
The company's stock increased immediately after the announcement, which was expected.
Returning CEO, Bob Iger, is making a statement to his board about the company's finances moving forward.
His goal is to cut more than $5 billion in costs in part by consolidating divisions that make and distribute movies and TV shows.
Disney has actually been doing relatively well of late, with profits and revenues up, strong figures from theme parks, and more subscribers on Disney-owned streaming services such as ESPN+ and Hulu — although not Disney+. That platform lost 2.4 million subscribers in the first quarter of the fiscal year, according to the company's latest earnings report.
But profits from traditional television have dropped, and none of the streaming services are making money.
veryGood! (8186)
Related
- Could trad wives, influencers have sparked the red wave among female voters?
- South Carolina Supreme Court to decide minimum time between executions
- Rent remains a pain point for small businesses even as overall inflation cools off
- Like other red states, Louisiana governor announces policy aiming to prevent noncitizens from voting
- Are Dancing with the Stars’ Jenn Tran and Sasha Farber Living Together? She Says…
- US Open Tennis Tournament 2024 Packing Guide: $5.99 Stadium-Approved Must-Haves to Beat the Heat
- Edwin Moses documentary to debut Sept. 21 at his alma mater, Morehouse College
- Judge orders Martin Shkreli to turn over all copies of unreleased Wu-Tang Clan album
- Jax Taylor Breaks Silence on Brittany Cartwright Dating His Friend Amid Their Divorce
- Election 2024 Latest: Harris ad focuses on housing; former Democratic congresswoman endorses Trump
Ranking
- Texas man accused of supporting ISIS charged in federal court
- Newest internet villain? Man files trademark for Jools Lebron's 'very mindful, very demure'
- Leonard Riggio, who forged a bookselling empire at Barnes & Noble, dead at 83
- Socialite Jocelyn Wildenstein Shares Photo From Before Her Cosmetic “Catwoman” Transformation
- Appeals Court Affirms Conviction of Everglades Scientist Accused of Stealing ‘Trade Secrets’
- Mother of high school QB headed to Tennessee sues state of North Carolina over NIL restrictions
- Gwyneth Paltrow Gives Rare Look at Son Moses Before He Heads to College
- Ex-gang leader accused of killing Tupac Shakur won’t be released on bond, judge rules
Recommendation
-
Robert F. Kennedy Jr. has a long record of promoting anti-vaccine views
-
'I look really soft': Caitlin Clark brushes off slight ankle injury in Fever win vs. Dream
-
San Diego police officer killed and another critically injured in crash with fleeing car
-
Hearing over whether to dismiss charges in Arizona fake electors case stretches into second day
-
Who is Rep. Matt Gaetz, the Florida congressman Donald Trump picked to serve as attorney general?
-
Dominic Thiem finally gets celebratory sendoff at US Open in final Grand Slam appearance
-
Unusually cold storm that frosted West Coast peaks provided a hint of winter in August
-
Edgar Bronfman Jr. withdraws offer for Paramount, allowing Skydance merger to go ahead