BREAKING NEWS: Walt Disney announces ‘strategic restructuring,’ as Nelson Peltz declares ‘great win’ over Bob Iger after Disney CEO agrees to step down within two years while embattled entertainment giant sheds 7,000 jobs to save $5.5b
- Walt Disney has unveiled a vast restructuring scheme amid thousands of job cuts
- CEO Robert ‘Bob’ Iger also announced he will step down in the next two years
- The embattled entertainment giant hopes to save $5.5 billion in costs
Walt Disney Company has unveiled a vast restructuring scheme amid thousands of job cuts and the announcement that CEO Robert ‘Bob’ Iger will step down in the next two years.
The embattled entertainment company will be organized into three core collaborative business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.
The move marks the most significant action since Iger returned to the company as CEO in November, and was revealed just minutes after posting its most recent quarterly earnings.
During a call with investors, Disney also announced it would be cutting $5.5 billion in costs, which will be made up of $3 billion from content, excluding sports, and the remaining $2.5 billion from non-content cuts.
Disney executives said about $1 billion in cost cutting was already underway since last quarter.
More to come.
Walt Disney Company has unveiled a vast restructuring scheme amid thousands of job cuts and the announcement that CEO Robert ‘Bob’ Iger will step down in the next two years
