View source for Disney apos;s Bob Iger Will Lay Off 7 000 Workers

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 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, how it's distributed and monetized and how it gets marketed.'<br>Under the plans, Alex Bergman and Dana Walden will co-chair the Disney Entertainment division, with Jimmy [https://www.ft.com/search?q=Pitaro%20continuing Pitaro continuing] to lead ESPN and 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,  [https://evigetir.com/evdeneve/evden-eve-google-nakliye-hizmeti.html evden Eve naKliyAt] 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 $21.82 billion a year earlier.  If you cherished this article so you would like to be given more info concerning [https://evigetir.com/evdeneve/tips.html evdEn EVe nAKLiYAt] nicely visit our own web page. 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 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  [https://cannabismonkey.com/social/index.php/blog/22898/players-using-the-world-cup-to-secure-a-january-move/ EvDeN Eve NaKliYaT] 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 the Mickey Mouse table and launching a campaign across social media.<br>In his