---
title: "Disney begins job cuts with goal of eliminating 7,000 positions"
description: "Walt Disney Co has begun the first of what is expected to be 7,000 job cuts, a key part of a $5.5-billion savings drive the company announced in February."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "MEMO FROM THE CEO"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-03-28-disney-begins-job-cuts-with-goal-of-eliminating-7000-positions/"
published: "2023-03-28T04:00:11"
updated: "2023-03-27T23:24:54"
lang: "en-ZA"
word_count: 297
---

# Disney begins job cuts with goal of eliminating 7,000 positions

> Walt Disney Co has begun the first of what is expected to be 7,000 job cuts, a key part of a $5.5-billion savings drive the company announced in February.

By Bloomberg · Published 28 March 2023, 06:00 SAST · Updated 28 March 2023, 01:24 SAST

## Key points
- Bob Iger's return to Disney has meant a shake-up in its organizational structure and the announcement of job cuts, with thousands of staff facing an uncertain future over the next few months. The entertainment giant is hoping to reduce costs and improve performance through these measures, as well as by cutting back on film and TV budgets.
- Disney is set to cut thousands of jobs over the next few months.
- CEO Bob Iger is restructuring the company and giving more power to creative leaders.
- Cuts are expected to fall on all parts of the company, including theme parks and ESPN networks.
- Disney is aiming for $5.5 billion in cost savings, with $3 billion coming from its budget for films and TV shows.

## Content

The first group of employees will be notified over the next four days, Chief Executive Officer Bob Iger said in a memo to staff on Monday. A second, larger round will happen in April, impacting several thousand workers. The last of the affected workers will receive notice before summer.

Iger, who in November rejoined the company he led for 15 years, has laid out plans to improve the financial performance of the world’s largest entertainment company. Among his challenges, wringing profit from the company’s streaming TV businesses, which lost more than $1-billion in the quarter that ended in December.

Under Iger, the company is doing away with an organisational structure that put distribution executives over the company’s TV and movie businesses. He has given more power to creative leaders such as Dana Walden, who heads the TV business, and Alan Bergman, who runs the film studios.

The cuts are expected to fall on all parts of the company, including theme parks and the ESPN sports networks. Disney employed about 220,000 people worldwide as of October 1. Approximately 25% are part-time or seasonal employees.

“For our employees who aren’t impacted, I want to acknowledge that there will no doubt be challenges ahead as we continue building the structures and functions that will enable us to be successful moving forward,” Iger said in the memo.

Iger said in February about $3-billion of the targeted cost savings would come from its budget for films and TV shows, and the rest from reductions in operating costs. About $1-billion of the savings effort was already under way, he said at the time.

Disney bounced off intraday lows following the news, and was up 0.8% to $94.81 at 12.13pm in New York. The stock fell 44% in 2022, the second consecutive annual decline.