X

Disney Layoffs Will Cut 7,000 Jobs

The entertainment giant is tightening its workforce by about 3%.

JoanSolsmanHS2013urbanoutdoorSmilingSQUAREspinner.jpg
JoanSolsmanHS2013urbanoutdoorSmilingSQUAREspinner.jpg
Joan E. Solsman Former Senior Reporter
Joan E. Solsman was CNET's senior media reporter, covering the intersection of entertainment and technology. She's reported from locations spanning from Disneyland to Serbian refugee camps, and she previously wrote for Dow Jones Newswires and The Wall Street Journal. She bikes to get almost everywhere and has been doored only once.
Expertise Streaming video, film, television and music; virtual, augmented and mixed reality; deep fakes and synthetic media; content moderation and misinformation online Credentials
  • Three Folio Eddie award wins: 2018 science & technology writing (Cartoon bunnies are hacking your brain), 2021 analysis (Deepfakes' election threat isn't what you'd think) and 2022 culture article (Apple's CODA Takes You Into an Inner World of Sign)
Joan E. Solsman
2 min read
disney-logo
Walt Disney Pictures

Disney said Wednesday it will cut 7,000 jobs, the latest corporate giant to lay off workers, as the Hollywood giant attempts to rein in costs. 

"While this is necessary to address the challenges we're facing today, I do not make this decision lightly," CEO Bob Iger said during a call discussing the company's latest quarterly results. "I have enormous respect and appreciation for the talent and dedication of our employees worldwide. And I'm mindful of the personal impact of these changes."

The layoffs represent about 3.2% of Disney's roughly 220,000 employees as of Oct. 1. 

Though the most closely watched employment report in the US indicated a surprisingly booming job market in January, Disney is just the latest company to embark on large layoffs. Workforce reductions have been particularly noticeable in tech, with AmazonTwitterMicrosoftMeta and Google all letting go of thousands of workers in recent months. 

Disney's job cuts are part of a $5.5 billion cost-saving plan, Iger said. The company aims to save $2.5 billion on what it calls "non-content" costs and said it will carve out another $3 billion from content costs, excluding sports. 

"We are going to take a really hard look at the cost for everything that we make, both across television and film," Iger said. 

Though Disney reported its first decline in Disney Plus subscribers on Wednesday, its profitability improved and investors appeared to cheer the cost-saving initiative and news that Disney will resume a dividend. Shares were up 5.7% at $118.18 in recent after-hours trading.