Walt Disney Company announced Wednesday that it expects to cut 7,000 jobs this year — or about 3.6% of its global workforce — as part of a bigger effort to save $5.5 billion in costs, Reuters reports.
Disney will be aiming to return greater authority to the company's creative leaders and would make "them accountable to how their content performs financially," Iger said.Creative teams will be responsible for "what content we're making, how it is distributed and monetized, and how it gets marketed."
"Managing costs, maximizing revenue, and driving growth from the content being produced will be their responsibility," he added.The new organizational structure, which will be implemented immediately, will divide the company into three parts:Dana Walden and Alan Bergman will lead the unit as co-chairs, and will oversee all of Disney's entertainment, media and content businesses globally, including streaming.
The company expects to deliver approximately $3 billion in savings over the next few years, excluding sports.Disney is one of several media and tech companies to recently announce major layoffs, following in the footsteps of
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