Walt Disney Studios in Burbank, California, US, on Thursday, Feb. 9, 2023. Walt Disney Co. Chief Executive Officer Bob Iger announced plans for a dramatic restructuring of the world's largest entertainment company that includes cutting 7,000 jobs and $5.5 billion in cost savings.
(Bloomberg) -- Walt Disney Co. plans to cut thousands of jobs next week, including about 15% of the staff in its entertainment division, according to people familiar with the plans.
The cuts will span TV, film, theme parks and corporate teams, affecting every region where Disney operates, said the people, who asked not to be identified because the details aren’t yet public. Some affected workers will be notified as early as April 24.
The company declined to comment. Shares were down 0.6% at $100.35 in pre-market trading amid a broader decline in stocks.
Disney said in February it planned to eliminate 7,000 positions from its workforce of more than 220,000, part of an overall strategy to shave $5.5 billion in annual costs. Cuts are being carried out across the company, the people said, including at Disney Entertainment, a unit created in a restructuring this year as a home for the company’s movie and TV production and distribution businesses including streaming.
