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Disney to Restructure and Eliminate 7000 Jobs and $5.5B in Costs
| Published: 2/9/2023 | |||
| jrpm.me/PB9XxE |
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COMPLETE REDPILL | (true) |
On Wednesday February 08, 2023, The Walt Disney Company released a public statement which mentioned that they will be undergoing a restructuring in the near future:
After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders.”
Detailing cost reductions for the company, CEO Bob Iger said:
First, reductions to our non-content costs will total roughly $2.5 billion not adjusted for inflation. $1 billion in savings is already underway and Christine will provide more details. But in general, the savings will come from reductions in SG&A and other operating costs across the company. To help achieve this, we will be reducing our workforce by approximately 7,000 jobs.
The content the Disney company produces has recently come under increased consumer scrutiny regarding the lack of broad range appeal.
Links to Evidence:
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COMPLETE REDPILL | (true) |
| Published: 2/9/2023 | ||
| jrpm.me/PB9XxE |