Disney to lay off 7,000 employees

Walt Disney, one of the largest companies in the US entertainment industry, announced that it will lay off 7,000 employees.

In a statement on the company’s balance sheet for October-December 2022, Disney CEO Bob Iger said making the decision to close the business was not easy, but necessary to meet the challenges.

In that context, Iger noted that 7,000 company employees will be laid off, thus saving approximately $5.5 billion in costs.

eBAY ALSO PLANNING TO LAY OFF 500 EMPLOYEES

Stating that he will also go through a comprehensive restructuring at Disney, Iger said the restructuring will bring a more profitable and coordinated approach to the company’s operations.

Iger stated that Disney will be restructured into 3 sections covering entertainment, Disney parks and sports, experiences and products spanning streaming movies, television and the Internet.

On the other hand, the American e-commerce company eBay also announced that it plans to lay off 500 employees in its statement to the US Securities and Exchange Commission (SEC). (AA)