Disney CEO Bob Iger to lay off 7,000 employees

Photo: Disney

On Wednesday, Bob Iger, the CEO of Disney, announced his plan to lay off 7,000 employees. According to an article by Inc, the cuts are part of a bigger plan to save lots of money, particularly $5.5 billion, including a $3 billion hit to non-sports content spending. It also points out that the company’s stock price has increased by six per cent since its announcement.


Deadline reporters Jill Goldsmith and Ted Johnson concluded that Disney is “struggling with the return on investment for streaming as linear television declines.”

Outside of that, the Disney CEO has also shared he is open to selling Hulu—which Disney owns two-thirds of with Hulu and Comcast. It has been reported that Disney has a “guaranteed sale price for Comcast that represents a minimum total equity value of $27.5 billion.”

Written by Richardine Bartee

Her unprejudiced love for people, the arts, and business have taken her this far. Join Richardine on her journey as she writes history into existence, one article at a time. Richardine is a member of the Recording Academy/GRAMMYs, and a GRAMMY U Mentor. She is the North American Press Agent and US Business Manager for Oxlade; Follow her on Instagram and Twitter.

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