Disney to cut 7,000 jobs as CEO Bob Iger seeks "transformation"
CBSN
The Walt Disney Co. said Wednesday it will cut about 7,000 jobs as part of a "significant transformation" announced by CEO Bob Iger.
The job cuts amount to about 3% of the media and entertainment's global workforce and were announced after Disney reported quarterly results that topped Wall Street's forecasts. The layoffs are part of a broader effort by Disney to lower costs by $5.5 billion.
Iger, who returned as CEO in November following a challenging two-year tenure by his handpicked successor, Bob Chapek, is under pressure to revive the company's financial fortunes and its stock price, which has tumbled 24% in the last year. Disney is struggling with costs for luring new subscribers to its streaming service, Disney+, amid heated competition from Netflix, HBO and others.