The earnings report came as Walt Disney Co. faces a challenge from an outsider, billionaire investor Nelson Peltz, who is seeking election to join the board.
Walt Disney Co. chief executive Bob Iger said Wednesday that the Burbank company will shed 7,000 jobs in an effort to save $5.5 billion in costs, marking some of the steepest reductions in the company’s history and the latest sign of Hollywood’s retrenchment.
The last major downsizing at Disney occurred in 2019, when the company cut thousands of jobs in the name of efficiency following its $71.3-billion acquisition of Rupert Murdoch’s 21st Century Fox. “In our zeal to go after subscribers, I think we might have gotten a bit too aggressive in terms of our promotion,” Iger said.
Amid all the talk of downsizing, Iger said that sequels to the “Toy Story” and “Frozen” franchises are in the works. Overall, Disney’s streaming apps — Disney+, Hulu and ESPN+ — have 234.7 million subscribers, representing a slight increase of 1 million from October.
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