Skip to content

Disney Jumps on Iger’s $5.5 Billion Savings Plan, Job Cuts

  • Company will restructure business units, eliminate 7,000 roles
  • Parks division delivers double-digit gains in sales, earnings
Bloomberg business news
WATCH: Disney reported 1Q earnings and beat profits but missed on revenue. Disney CEO Bob Iger says cost cuts are coming. Source: Bloomberg
Updated on

Walt Disney Co.’s shares climbed after Chief Executive Officer Bob Iger announced plans for a dramatic restructuring of the world’s largest entertainment company, including 7,000 job cuts and $5.5 billion in cost savings.

The reductions include plans to trim $3 billion from its budget for movies and TV shows and the rest in non-content related areas. About $1 billion of the savings are already underway, Iger said Wednesday on a conference call with investors.