As streaming subscription numbers drop, Disney makes 7,000 job cuts.

On Wednesday, Walt Disney Co. announced a significant restructuring in an effort to save $5.5 billion in costs and turn its streaming business profitable. As part of the restructuring, 7,000 jobs will be lost. The 7,000 job losses will represent around 3.6% of Disney’s whole workforce.
As Disney changes its attention to its core brands and franchises, the restructure, spearheaded by freshly reinstated CEO Bob Iger, will result in a more organized, cost-effective approach to the company’s operations.
Disney’s restructure comes in reaction to the business being criticized by activist investor Nelson Peltz for overspending on streaming, sluggish subscriber growth, and growing competition for streaming users.
This news is written by Mr. Manpreet Rathor, Research Assistant, All India Legal Forum.