Disney apos;s Bob Iger Will Lay Off 7 000 Workers
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| - | Disney's Bob Iger is planning to lay off 7,000 employees in a 'significant transformation' to cut back costs as he eliminates some of his predecessor's efforts.<br>On Wednesday, Iger announced his plans to restructure the company, effectively eliminating the Disney Media and Entertainment | + | Disney's Bob Iger is planning to lay off 7,000 employees in a 'significant transformation' to cut back costs as he eliminates some of his predecessor's efforts.<br>On Wednesday, Iger announced his plans to restructure the company, effectively eliminating the Disney Media and Entertainment Distribution group set up under former CEO Bob Chapek.<br>The new structure, according to the , will have only three divisions, Disney Entertainment — which will include film and TV assets as well as Disney+; ESPN — which will include ESPN and ESPN+; and Parks, Experiences and [https://www.thetimes.co.uk/search?source=nav-desktop&q=Products Products] — which will include theme parks and the consumer products team.<br>As part of that changeup, Disney will cut 7,000 jobs — representing a little over three percent of its global workforce.<br><br>The cuts are likely to predominantly affect the entertainment and ESPN divisions, despite the company beating analyst's expectations for the fourth quarter of 2022.<br>The changeup comes as Gov.<br>Ron DeSantis and the company faces a proxy battle with an activist investor seeking to gain a seat on the board.<br> Disney CEO Bob Iger is planning to lay off some 7,000 employees as he restructures the company<br>In announcing the new structure Wednesday, Iger likened it to changes he made at the media giant in 2005, when he first became CEO, and in 2016, when Disney announced a shift to streaming as it bolstered its assets with the acquisition of 21st Century Fox.<br>'Our new structure is aimed at returning greater authority to our creative leaders and making them accountable for how their content performs financially,' he said on an earnings call. <br>'Our former structure severed that link and must be restored,' he continued, noting: 'Moving forward, our creative teams will determine what content we're making, EvDEn evE NAkliyAt how it's distributed and monetized and how it gets marketed.'<br>Under the plans, Alex Bergman and [http://diclofenac.us.org/knights-try-to-shake-doldrums-against-hot-predators-8/ eVDEN EVe NAKliyaT] Dana Walden will co-chair the Disney Entertainment division, with Jimmy Pitaro continuing to lead ESPN and [https://evigetir.com/evdeneve/hakkimizda.html evdEN eVE nAKLiYAT] Josh D'Amaro continuing to lead parks and experiences.<br>And, in addition to the planned layoffs, Disney CFO Christine McCarthy also said the company is targeting $5.5billion in cost savings, including $3billion related to future content savings with the remaining $2.5billion coming from existing marketing, staffing and technology costs. <br>But the move comes as Disney beat earnings expectations.<br>The company announced on Wednesday that it earned $1.28billion, or 70 cents per share, in the three months through December 31, up from a net income of $1.1billion, or 60 cents per share a year earlier.<br>Excluding one-time items, Disney earned 99 cents per share.<br><br>Analysts, on average, were expecting adjusted earnings of 78 cents per share, according to FactSet.<br>In total, revenue grew eight percent to $23.51 billion from $21. 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Analysts were expecting revenue of just $23.44 billion.<br>The company also said Disney+ ended the quarter with 161.8million subscribers, down one percent since October 1, while Hulu and ESPN+ each posted a two percent increase in paid subscribers.<br>Following the news, shares of Disney rose three percent in after-hours trading.<br> Much of the layoffs are expected to be in the entertainment division, which includes Disney+, as well as ESPN, which includes ESPN+<br> Disney ended the [https://www.paramuspost.com/search.php?query=fourth%20quarter&type=all&mode=search&results=25 fourth quarter] of 2022 with $1.28billion, or 70 cents per share<br> Disney shares ticked upwards following the earnings call on Wednesday<br>But Disney has been under fire recently by billionaire investor Nelson Peltz, who has claimed Iger is not fit to lead the company, citing falling revenues. <br>Last week, Peltz — the founder of Trian Management — sent a letter to Disney shareholders on Thursday asking them to vote for him rather than longtime board member Michael BG Froman.<br>It was just the latest move Peltz made in his ongoing war with Disney, after previously filing paperwork with the United States Securities and Exchange Commission for a seat at th[https://evigetir.com/evdeneve/evden-eve-nakliyat-istanbul.html <br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>t][https://evigetir.com/evdeneve/evden-eve-nakliyat-istanbul.html t] fall on Florida taxpayers. <br>'These actions ensure a state-controlled district accountable to the people instead of a corporate-controlled kingdom,' DeSantis' deputy press secretary Jeremy Redfern told DailyMail.com<br>If approved, the legislation would permanently eliminate Disney's ability to self-govern the area spanning Orange and Osceola counties in Florida.<br>And the Reedy Creek Improvement District will be renamed the Central Florida Tourism Oversight District. <br>Walt Disney World president Jeff Vahle released a statement on the proposed legislation, saying the company is 'monitoring the progression' of the legislation.<br>'Disney works under a number of different models and jurisdictions around the world, and [https://znannya.com.ua/tut/104550/brazil-sinks-rusting-old-aircraft-carrier-in-the-atlantic EvDEN evE NAkLiYAT] regardless of the outcome, we remain committed to providing the highest quality experience for the millions of guests who visit each year.' <br> |
