00:00More announced layoffs at big companies, this time with the Walt Disney Company.
00:04In a quarterly earnings call, newly reinstated CEO Bob Iger said the entertainment behemoth
00:10will cut about 7,000 jobs as part of a significant transformation.
00:15Worldwide, the company employs 220,000 people, 166,000 of those in the U.S.,
00:22which means those 7,000 jobs amount to around 3% of the company's workforce.
00:26News of the cuts comes despite Disney outperforming Wall Street's forecast for the company's profits.
00:32Following the news, shares in Disney rose 6% in pre-market trading.
00:36Iger, who returned to the company in November, says the layoffs are part of his efforts to save $5.5
00:42billion,
00:43including spending less on content while also improving profitability with its streaming business.
00:48Part of the layoffs includes reorganizing the company after CEO Bob Chapek's tenure
00:53into three divisions, entertainment, which includes its streaming and media operations,
00:58ESPN and ESPN Plus, and parks and experiences.
01:02Iger's contract with Disney lasts until the end of 2024, at which point he's...
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