Bob Iger outlines the need to transform the Walt Disney Company resulting in 7000 job losses and saving more than 5 billion dollars

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Walt Disney Company headquarters in Burbank, California

Posted: Wednesday February 8, 2023 4:41pm ET by WDWMAGIC Staff

Bob Iger has used today's earnings call to outline a new structure for the Walt Disney Company, returning greater power to the creative teams, but eliminating 7000 jobs.

7000 jobs will be lost at The Walt Disney Company as the company aims to save $5.5 billion

In addition, Iger announced there will be a new organizational structure with three segments - Disney Entertainment, ESPN, and 'Disney, Parks Experiences, and Products.' Existing parks boss Josh D'Amaro remains the head of DPEP.

These organization changes will be incremented immediately and will begin reporting to the new business structure by the end of the fiscal year.

The restructuring will allow Disney to save $5.5 billion in cost savings, and as part of the plan, Iger says Disney will eliminate 7000 jobs. Cost reductions will be comprised of approximately 50% marketing, 30% labor, and 20% technology procurement and other expenses.

Iger said, "To help achieve this will be reducing our workforce by approximately 7000 jobs, while this is necessary to address the challenges we are facing today, I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide and mindful of the personal impact of these changes."

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Tha RealestJun 19, 2023

Taps sign.

LSLSJun 14, 2023

Agree with that, I liked Chelios

HauntedPirateJun 14, 2023

Now that is less than desirable, let’s say. I can’t stand that either. But losing Chelios is not good for ESPN’s hockey coverage. And I rarely have to care because the Wild are so infrequently on those two stations… 😂

LSLSJun 14, 2023

Tnt is awful. Having guys openly cheering for teams during intermission is beyond obnoxious. Admittedly I don't watch ESPN either, but I legit won't watch my teams if they are on TNT at this point.

HauntedMansionFLAJun 13, 2023

They got rid of their whole floral department and is going with a third party.

DisorbustJun 13, 2023

Just checked and nothing from Florida and I know they did layoffs.

HauntedPirateJun 13, 2023

TNT's studio staff blows away ESPN's. I'm not a huge fan of one or two of them, but when you have the Great One *and* King Henrik together? Good golly Miss Molly.

DCBakerJun 13, 2023

A few WARN notices have started to appear.

SirwalterraleighJun 11, 2023

Here’s something to keep an eye on too… It’s only the beginning https://www.cnn.com/2023/06/10/us/southern-california-hotel-workers-strike/index.html

SirwalterraleighJun 06, 2023

I have no problem with chelios…he’s just a victim of ESPN half heartedly trying to cover hockey. I don’t know why they bother to try? Really poor quality. Ferraro makes excuses for headshots over and over again. He’s as useless as an announcer as he was a player. No tears there

LSLSJun 06, 2023

But they kept levy and messier? I really hope they don't try to become as unwatchable as tnt

TraumaJun 06, 2023

Sucks Chris is a friend of mine. Well actually my wife is friends with his wife. Money isn’t an issue he just loves Hockey and has to be as involved as possible.