Layoff News: Disney lays off 7000,<> employees, will divide the company's entire business into three segments

Layoff News: Preparations are underway for a huge change in Disney, the giant of the media and entertainment segment. This is affecting the company's employees. The company has announced a cut in 7000 jobs. Disney plans to divide its entire business into three segments. 

Layoff News: Disney lays off 7000,<> employees, will divide the company's entire business into three segments

On Wednesday, the company presented the results of the December 2022 quarter. After this, the company announced a $ 550 million reduction in costs and 7000 job cuts. About 3 percent of its employees will be affected by the company's decision to lay off. According to data as of October 1, the company has about 2.20 lakh employees, of which 1.66 lakh are in the US.

Disney's business will be divided into these three segments

Disney plans to split its business into three segments, besides cutting costs and cutting thousands of jobs. The first part will be disney entertainment, which will cover most of its streaming and media operations. The second segment will be of the ESPN division which will have TV networks and ESPN+ streaming service. The third segment will be of Parks, Experiences and Products unit (Disney Parks, Experiences and Products).

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Of the $550.300 billion that Disney has decided to cut costs, $250 billion will come from content other than sports. In addition, the cost of $ 100 million will be reduced from non-content. According to Disney, work on the cost cut of $ <> million has started since last quarter.

Bob Iger's biggest decision after returning as CEO

Bob Iger retired from Disney in December 2021. However, in November 2022 last year, he returned to the company as CEO. After returning to the company, Bob Iger has now made a big decision to divide the company's business into three segments, lay off and reduce costs. Disney announced these changes shortly after presenting the results for December 2022. This announcement has been made by the company at a time when it is proxy fighting activist investor Nelson Peltz and his company Trian Management.

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