Disney to lay off 7,000 workers, CEO Bob Iger says
The announcement came on the company's earnings call on Wednesday.
ABC NEWS—Disney is set to lay off 7,000 workers, CEO Bob Iger said on the company’s earnings call on Wednesday.
The company is targeting a total of $5.5 billion in cost savings, some of which will come from the reduction in workforce, Iger said.
“This reorganization will result in a more cost-effective, coordinated and streamlined approach to our operations,” Iger said. “I do not make this decision lightly.”
The job cuts will coincide with a restructuring that will divide the company into three core businesses: Disney Entertainment, ESPN and Disney Parks, Iger said.
Disney is the parent company of ABC News.
This is a developing story. Please check back for updates.
