Feb 9, 2023
Disney to cut 7,000 jobs in major shake-up of firm
Disney chief executive Bob Iger says he is cutting 7,000 jobs as part of a major shake-up of the entertainment giant. The figures showed that revenue rose 8% to $23.5bn for the period and net income was up by 11% to $1.3bn. During the quarter the number of Disney+ subscribers fell by around 2.4m to 161.8m. The plan will see the company restructure into three segments - an entertainment unit, including film, TV and streaming; a sports-focused ESPN unit; and Disney parks, experiences and products. Mr Iger made a shock return as Disney's chief executive, less than a year after he retired from the firm. Mr Iger, who had previously headed Disney for 15 years, replaced Bob Chapek, who took over as chief executive in February 2020. Less than 24 hours after his return to Disney, Mr Iger said he was planning a major shake-up of the business.
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