Disney to cut 7,000 jobs in Iger's company 'transformation'

FILE - In this Jan. 9, 2019 photo, guests watch a show near a statue of Walt Disney and Micky Mouse in front of the Cinderella Castle at the Magic Kingdom at Walt Disney World in Lake Buena Vista, Fla. The Walt Disney Company reports their corporate results on Wednesday, Feb. 8, 2023. . – The Walt Disney Co. will cut about 7,000 jobs as part of an ambitious companywide cost-savings plan and “strategic reorganization” announced Wednesday by CEO Bob Iger.

In a statement, Iger said Disney is embarking on a “significant transformation” that management believes will lead to improved profitability at the company’s streaming business. “Our new structure is aimed at returning greater authority to our creative leaders and making them accountable for how their content performs financially,” Iger said during a call with Wall Street analysts.

Excluding one-time items, Disney earned 99 cents per share. Analysts, on average, were expecting adjusted earnings of 78 cents per share, according to FactSet. The company's direct-to-consumer business, which includes its streaming services, posted a $1.1 billion operating loss amid higher programming and production costs at Disney+ and Hulu.

Management said Wednesday that Disney+ plus will achieve profitability by the end of its next fiscal year in September 2024.The move to revamp the company and slash costs comes as Disney is under pressure to turn its business around.

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