Walt Disney Co on Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more 'streamlined' business, according to a letter Chief Executive Bob Iger sent to employees and seen by Reuters.
A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File Photoon Monday began 7,000 layoffs announced earlier this year, as it seeks to control costs and create a more "streamlined" business, according to a letter Chief Executive Bob Iger sent to employees and seen by Reuters.
The entertainment industry has undergone a retrenchment since its early euphoric embrace of video streaming, when established media companies lost billions as they launched competitors to Netflix IncThey started to rein in spending when Netflix posted its first loss of subscribers in a decade in early 2022, and Wall Street began prioritizing profitability over subscriber growth.
"The difficult reality of many colleagues and friends leaving Disney is not something we take lightly," Iger wrote, noting that many "bring a lifelong passion for Disney" to their work. Many had expected cuts to fall heavily on the Disney Media and Entertainment Division, which was eliminated in a corporate restructuring. The unit has been without a leader since the exit of“It’s been a long time in the making,” said SVB MoffettNathanson analyst Michael Nathanson, adding that the company first began “to whisper” about the need to take out costs last fall, when Bob Chapek was still Disney’s chief executive.
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