Posted on 02/08/2023 4:57:50 PM PST by Morgana
Disney's Bob Iger is planning to lay off 7,000 employees in a 'significant transformation' to cut back costs as he eliminates some of his predecessor's efforts.
On Wednesday, Iger announced his plans to restructure the company, effectively eliminating the Disney Media and Entertainment Distribution group set up under former CEO Bob Chapek.
The new structure, according to the Hollywood Reporter, will have only three divisions, Disney Entertainment — which will include film and TV assets as well as Disney+; ESPN — which will include ESPN and ESPN+; and Parks, Experiences and Products — which will include theme parks and the consumer products team.
As part of that changeup, Disney will cut 7,000 jobs — representing a little over three percent of its global workforce. The cuts are likely to predominantly affect the entertainment and ESPN divisions, despite the company beating analyst's expectations for the fourth quarter of 2022.
The changeup comes as Florida Gov. Ron DeSantis seizes control of Disney's Reedy Creek Improvement District and the company faces a proxy battle with an activist investor seeking to gain a seat on the board.
In announcing the new structure Wednesday, Iger likened it to changes he made at the media giant in 2005, when he first became CEO, and in 2016, when Disney announced a shift to streaming as it bolstered its assets with the acquisition of 21st Century Fox.
'Our new structure is aimed at returning greater authority to our creative leaders and making them accountable for how their content performs financially,' he said on an earnings call.
'Our former structure severed that link and must be restored,' he continued, noting: 'Moving forward, our creative teams will determine what content we're making, how it's distributed and monetized and how it gets marketed.'
(Excerpt) Read more at dailymail.co.uk ...
The latest cartoon should seal Disney’s fate. I don’t need to see cartoon kids pushing wokeness and reparations.....
s1 posted about Disney’s special privileges, but much more...
Wait for the lawsuits for Cast Member pervs grabbing and groping female teens and young mothers. When the FL Gov took away the tax cutouts from Disney and all other companies that had them, Disney is now wide open for legal trouble.
The cutouts not only lowered Disney’s tax liabilities but saved Orange county $$$ bec Disney would provide Disney bought and paid for law enforcement and fire services.
Now when a young mother raises he// over the actions of a Cast Member, they can bring it up to Orange County Sheriffs. Disney bought and paid for law enforcement can no longer bury the incident or respond to follow-up inquiries that the Cast Member has been fired or ...
NOT the happierist place for some folks.
Sending in FL national guard?
I did not know Disney had 7,000 pedophiles.... it is a good start.
Biggest takeaway for me is that creative leaders are now responsible for their product’s financial performance- that is they won’t be able to produce that woke crap if it doesn’t pay off.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.