Disney chief executive Bob Iger, following the economic meltdown and high inflation rate, has announced that he will be cutting 7,000 jobs in an important shake-up for the entertainment giant.
The layoffs are a ploy to save $5.5bn and make its Disney+ streaming service profitable and accessible to consumers which reported its first decline in subscribers since 2019.
Mr. Iger, has meanwhile, confessed that he had not made the decision lightly as Disney+ has suffered its fair share of losses.
The job cuts will amount to about 3.6% of Disney’s workforce across the globe.
This move will see the company restructure itself into three segments – entertainment which will include film, TV, and streaming options; sports-focused ESPN and Disney parks, products, and experiences.
