Nov 8, 2023

Disney boss declares new era after job cuts

The big problems at Disney have been fixed, the boss of the entertainment giant has told investors. Boss Bob Iger said he believed the company was entering a new "Era of building", after a painful year focused on job cuts and restructuring. Last year, the board of the company abruptly recalled Mr Iger from retirement and reinstated him as chief executive, as the company grew alarmed by big losses incurred by its new streaming business, Disney+. The move follows more than 8,000 job cuts at the company and coincides with a strike by Hollywood actors, which has put productions on hold. Overall, revenue grew 5% over the three months ended in September to $21.2bn. It increased 7% over the company's financial year, which ended 30 September.

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