Bloomberg: 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. The reductions include lower spending on programming and $2.5 billion in non-content related cuts. As part of the change, Disney’s CEO also announced that the company will be reorganized into three divisions: an entertainment unit that includes its main TV and film businesses, the ESPN sports networks, and the theme-park unit, which includes cruise ships and consumer products (Bloomberg).
Reuters: This marks Disney’s third restructuring in five years. It reorganized its business in 2018 to accelerate the growth of its streaming business, and again in 2020, to further spur streaming’s growth (Reuters).
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