Disney has announced it will be reducing its workforce by 7,000 people in a bid to cut costs
The layoffs are a part of Disney’s “significant transformation” plan to achieve $5.5 billion in cost savings.
“I have enormous respect and appreciation for the dedication of our employees worldwide,” CEO Bob Iger said in a company earnings call.
“We are going to a really hard look at everything we make because things in a more competitive world have simply gotten more expensive.”
Iger also announced a new operating structure for Disney, separated into three core business segments – Disney Entertainment, ESPN and Disney Parks.
Disney+ also registered its first-ever decline in subscribers, losing 2.4 million.
