- Walt Disney will start cutting about 7,000 jobs this week until early summer, with bulk taking place in April.
- Measures are needed for Disney to adopt a more effective, coordinated and streamlined approach, aiming to find $5.5bn in savings.
- Cuts are expected to be spread across the company, but hourly workers at its theme parks are not expected to be affected.
- Disney recorded a $1.5bn quarterly loss in streaming, and aims to turn a profit in streaming next year.
- Disney plans to slash $3bn from content budgets and $2.5bn in other costs.
Walt Disney’s Bob Iger sets out timeline for 7,000 job cuts
Walt Disney will start cutting about 7,000 jobs this week until early summer, aiming to find $5.5bn in savings to stem video streaming losses.