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Disney to cut 7,000 jobs and slash $5.5 billion in costs as it unveils vast restructuring - TL;DR CNBC

Disney to cut 7,000 jobs and slash $5.5 billion in costs as it unveils vast restructuring

Publishing timestamp: 2023-02-08 17:30:16


Summary

Disney announced it will reorganize into three divisions, cut 7000 jobs and $5.5 billion in costs, and CEO Bob Iger said the company is not considering spinning off ESPN. The reorganization is the most significant action Iger has taken since returning to the company as CEO in November. The stock rose about 5% in after-market trading. Iger said the goal is to have the new structure in place in the coming months and to return control to creative minds at the company.


Sentiment: POSITIVE

Tickers: WBDDIS

Keywords: walt disney cowarner bros discovery incbusinessbusiness newsmediabreaking news: businessearnings

Source: https://www.cnbc.com/2023/02/08/disney-reorganization.html


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