Chief Executive Officer Bob Iger announced plans for a dramatic restructuring of the world’s largest entertainment company that includes cutting 7,000 jobs and $5.5 billion in cost savings.
The reductions include lower spending on programming and $2.5 billion in non-content related cuts.
Another $3 billion in savings would come from reductions in non-sports content, including the layoffs.
CEO Bob Iger outlined the cost-cutting plan to investors during the company’s fiscal first-quarter earnings call, in which Disney reported adjusted earnings per share of 99 cents, ahead of the average analyst estimate of 78 cents, according to Refinitiv data.
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