Richardine Bartee
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.”
