Bob Iger returned to Disney to save the soul of the company, and decided not to deny himself radical decisions – in order to reduce costs, 7 thousand jobs will fall under the distribution. This is 3.2% of the total workforce – as of October 1, 2022, approximately 220 thousand people worked at Disney worldwide. This and a number of other moves will allow the media conglomerate to save $ 5.5 billion.
Eiger even became generous with his parting word:
I have great respect and appreciation for the dedication of our employees around the world.
Disney Chief Financial Officer Christine McCarthy told analysts that over the next years, Disney will cut spending on non-sports content, saving $3 billion annually. McCarthy added that of the $2.5 billion in non-content spending, roughly half goes for marketing, 30% for labor costs, and 20% for technology, procurement and other expenses.
In short, Disney enters savings mode and expects that everything is not in vain – they will know for sure by the end of 2024.
Previously, experts have criticized Disney’s deal to buy Fox, saying that this decision was made in order to get rid of a competitor.
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