DIS: Disney to Lay Off 7,000 Workers in Three Waves

The entertainment giant is embarking on a cost-cutting adventure in search of $5.5bn to stash in savings.

• Walt Disney CEO Bob Iger set out a fast-track path toward a streamlined and more effective business model. The sweeping plan includes slashing 7,000 jobs across the company in three waves – one this week, one in April, and the final one rolling out before the summer.
• The entertainment company announced upcoming job cuts back in February as it was figuring out ways to axe $5.5bn in costs to stem video-streaming losses. Disney is now eyeing a profit in streaming next year, amid looming competition in the cash-burning streaming sector.
• Shares of Disney were fairly flat on Monday, closing the session higher by 1.6%. Since the job reduction was first floated last month, the company has erased roughly 15% of its valuation. Further, Iger is said to be looking into selling Disney’s stake in Hulu streaming service.