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Disney To Lay Off 7,000 Employees To Cut Costs: CEO Bob Iger

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Anshu DV Vaishnav

Streaming platform Disney, CEO Bob Iger has announced that the company is planning to lay off 7,000 employees to cut costs. This is his first major decision since he returned to Disney.

CEO Iger said on a call to analysts, "I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide,"

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Iger further added that he's "targeting $5.5 billion of cost savings across the company" and that the cost-cutting and reduced workforce count will "help achieve this."

Disney To Lay Off

Last quarter, the Disney streaming business lost around $1.5 billion.

Disney expects to deliver approximately $3 billion in savings over the next few years, excluding sports.

Disney To Lay Off

He further added "Our current forecasts indicate Disney Plus will hit profitability by the end of fiscal 2024, and achieving that remains our goal," Iger continued.

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Disney Plus Added 200,000 Subscribers

Disney Plus added just 200,000 subscribers in the US and Canada, for a total of 46.6 million, while its international offering (excluding Hotstar) added 1.2 million subscribers.

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CEO Bob Iger Cut Cost Lay Off employees job Disney