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Disney CEO lger to Lay Off 7,000 Jobs Amid Massive Makeover

Charlie Brooks

Feb 09, 2023 11:23

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Walt Disney (NYSE:DIS) Co on Wednesday unveiled a massive restructure under recently reinstated CEO Bob Iger, slashing 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business viable.


The layoffs represent an estimated 3.6% of Disney's global workforce.


Shares of Disney climbed 4.7% to $117.22 in after-hours trading.


The actions, including a vow to reintroduce a dividend for shareholders, addressed some of the complaints from activist investor Nelson Peltz that the Mouse House was overpaying on streaming.


"We are glad that Disney is listening," a representative for Peltz's Trian Group said in a statement late Wednesday.


Under a plan to decrease expenses and return control to creative executives, the corporation will restructure into three segments: an entertainment unit that encompasses film, television and streaming; a sports-focused ESPN entity; and Disney parks, experiences and goods.


"This restructure will result in a more cost-effective, coordinated approach to our operations," Iger told analysts on a conference call. "We are devoted to operating effectively, even in a hard situation."


Iger said streaming remained Disney's top objective.


He claimed the corporation would "focus even more on our key brands and franchises" and "aggressively curate our general entertainment content."


Iger also stated he will ask the company's board to restore the shareholder dividend by year end. Chief Financial Officer Christine McCarthy said the initial payout will likely be a "small percentage" of the pre-COVID amount with a plan to enhance it over time.


Peltz, who is seeking a seat on the Disney board, had argued for a resumption of the dividend by fiscal 2025.


"My opinion is that Disney is already doing many of the things Nelson Peltz is seeking, but not necessarily in response to pressure from him," said Paul Verna, chief analyst at Insider Intelligence.


Iger stated that the business was not in discussions to split off ESPN, which will remain under Jimmy Pitaro's leadership.


Dana Walden, a television executive, and Alan Bergman, a film executive, will manage the entertainment sector.


As a result of sluggish subscriber growth and rising competition for streaming consumers, Disney is the latest media company to announce job losses. Disney had revealed its first quarterly loss in memberships for its Disney+ streaming media unit, which lost more than $1 billion.


Warner Bros Discovery (NASDAQ:WBD) Inc and Netflix Inc (NASDAQ:NFLX) previously underwent layoffs.


Disney said it aimed to eliminate $2.5 billion in sales and general administration expenses and other operating costs, an initiative that is already under way. Another $3 billion in savings would come from reductions in non-sports content, including the layoffs.


According to Refinitiv statistics, for the fiscal first quarter that concluded on December 31, Disney posted adjusted earnings per share of 99 cents, exceeding the average analyst forecast of 78 cents.


Net profits came in at $1.279 billion, below expert projections. Revenue topped $23.512 billion, ahead of Wall Street projections of $23.4 billion.


The reform signals a new chapter in Iger's leadership, which began in 2005 with his first term as CEO. He went on to bolster Disney with a roster of formidable entertainment businesses, acquiring Pixar Animation Studios, Marvel Entertainment and Lucasfilm. Iger also repositioned the corporation to capitalize on the streaming revolution, acquiring 21st Century Fox's film and television assets in 2019 and launching the Disney+ streaming service that fall.


Iger stepped down as CEO in 2020 but returned to the post in November 2022.


Now, Iger will strive to put Disney's streaming company on a road to growth and profitability. The new structure also makes good on Iger's vow to restore decision-making to the company's creative leaders, who will select what movies and series to develop and how the content will be distributed and sold.


This represents Disney's third restructure in five years. It revamped its operations in 2018 to accelerate the growth of its streaming business, and again in 2020, to further drive streaming's growth.


The last time Disney made layoffs was during the height of the epidemic, when it announced in November 2020 that it would lay off 32,000 workers, largely at its amusement parks. The reductions occurred in the first half of fiscal year 2021.


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