News

Disney CEO Bob Iger announces first round of layoffs as restructuring begins

As a major restructuring plan, Disney CEO Bob Iger has announced the first round of layoffs this week. This is going to affect over 7,000 employees.

Disney CEO Bob Iger

Disney CEO Bob Iger has announced the beginning of the first round of layoffs this week as part of a major restructuring plan that will affect up to 7,000 employees. 

In an internal memo obtained by TechCrunch, Iger revealed that there would be three rounds of layoffs, with the first impacting the media and distribution segment, ESPN, and the parks and resorts division. The second round will take place in April, affecting several thousand more staff, with the final round expected to commence before the summer. 

Despite the job cuts, Iger has asked for employees' understanding and collaboration as the company builds structures and functions to succeed moving forward. The restructuring plan includes cutting costs of $5.5 billion, including $3 billion in content spend. Iger has also admitted to being "open-minded" about the sale of Hulu, which Comcast partially owns. 

As media companies continue to face losses in the current market, many adopt the same strategy as Disney. However, with its streaming business (Disney+, Hulu, and ESPN+) expected to become profitable in late 2024, Disney is still confident in its future success.
 

Arpit Dubey
Written By
Arpit Dubey
Arpit is a dreamer, wanderer, and a tech nerd who loves to jot down tech musings and updates. With a logician mind, he is always chasing sunrises and tech advancements while secretly preparing for the robot uprising.

Think Your Professional Journey
Deserves A Spot In Our 40 Under 40 Report?

Latest Blogs

News

Instagram May Soon Have A Find My Friends Map Like Snapchat

4 min read  

Alessandro Paluzzi is a reverse engineer who often discovers upcoming app features and updates before officially launching. In his latest findings, Alessandro found a new Friend Map feature that Instagram is internally working on. This finding was confirmed by a Meta spokesperson who shared this inf

News

Google’s Gemini Apologizes For Making Historical Mistakes

4 min read  

Google Gemini is one of the most popular generative AI tools in the current market. With OpenAI and other top players continuously improving their efficiency and accuracy, Google has also stepped up its capability improvement. However, its latest update in Gemini has resulted in glaring mistakes in

News

Reddit May Sign Content Licensing Deal With Google For AI Training

4 min read  

Large Language Models have been trained on the scrapes of the internet, which may not help get the best results. With recent regulations in place, using the content of private businesses for training AI models has been strictly restricted. To increase the quality of its AI models intelligence, Googl

News

Multiple Users To Secret Codes, Here Are WhatsApp’s Latest Updates.

4 min read  

Meta has revamped almost every feature of WhatsApp after its acquisition without reducing the brand recall value or overall look and feel. The tech giant has been releasing multiple series of updates to improve security, user journey, privacy, and control. The world’s most popular messaging pl

Featured Interviews

Interview

Interview With Coyote Jackson, Director of Product Management, PubNub

MobileAppDaily had a word with Coyote Jackson, Director of Product Management, PubNub. We spoke to him about his journey in the global Data Stream Network and real-time infrastructure-as-a-service company. Learn more about him.

MAD Team 4 min read  
Interview

Interview With Laetitia Gazel Anthoine, Founder and CEO, Connecthings

MobileAppDaily had a word with Laetitia Gazel Anthoine, Founder and CEO, Connecthings. We spoke to her about her idea behind Connecthings and thoughts about the company’s services.

MAD Team 4 min read  
Interview

Interview With Gregg Temperley, Founder Of ParcelBroker App

MobileAppDaily had a word with Gregg Temperley, Founder. We spoke to him about his idea behind such an excellent app and his whole journey during the development process.

MAD Team 4 min read  
Interview

Interview With George Deglin, CEO Of OneSignal

MobileAppDaily had a word with George Deglin, the CEO and co-founder of OneSignal, a leading customer messaging and engagement solution, we learn multiple facets related to customer engagement, personalization, and the future of mobile marketing.

MAD Team 4 min read