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Link to Story: https://finance.yahoo.com/news/disn...costs-in-latest-reshuffle-220217075.html

Quote
Disney (DIS) will lay off 7,000 workers as the company seeks to slash $5.5 billion in costs. As a result, the media giant plans to restructure the organization into three core business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences and Products.

"We will be reducing our workforce by approximately 7,000 jobs," CEO Bob Iger said during the company's first quarter earnings call. "While this is necessary to address the challenges we're facing today, I do not make this decision lightly. 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."

Disney shares were up as much as 8% following Iger's comments on staff cuts and cost reductions. Shares have since pared gains modestly in after-hours trading, up about 5%.

Disney reported quarterly results after the bell on Wednesday that showed a beat on both the top and bottom lines as demand for the company's theme parks soared during the holiday period.

As expected, Disney+ subscribers showed a slight dip in the first quarter due to the absence of the Indian Premier League cricket tournament on its Indian brand, Disney+ Hotstar.

Streaming losses narrowed to $1.1 billion in Q1 against a loss of $1.5 billion in the fourth quarter — ahead of the company's previous guidance as Disney's ad-supported tier and recent price increases helped pare losses.

Wednesday's report served as the first since CEO Bob Iger's return to the company in November

In his prepared remarks, Iger said the new strategic organization, "will result in a more cost-effective coordinated and streamlined approach to our operations, and we are committed to running our businesses more efficiently, especially in a challenging economic environment."

Alan Bergman and Dana Walden will be Co-Chairs of Disney Entertainment, which will include the company's full portfolio of entertainment media and content businesses globally, including streaming.

Jimmy Pitaro will continue to serve as Chairman of ESPN, which will include ESPN Networks, ESPN+, and its international sports channels, while Josh D'Amaro will continue to be Chairman of Disney Parks, Experiences and Products.

Iger underscored his commitment to creating a direct link between content decisions and financial performance. He said Disney+ is on track to achieve profitability by the end of fiscal 2024.

Elsewhere on the call, Iger revealed he has asked the board to reinstate the company's dividend by the end of the calendar year — something activist investor Nelson Peltz pushed for explicitly in his proxy battle.

The dividend, which was halted during the pandemic in an effort to conserve cash, will be "modest" at first but steadily increase over time, the executive said, adding: "Our cost cutting initiatives will make this possible."

Peltz's Trian Fund Management said it owns approximately 9.4 million shares of Disney's stock, which equates to roughly $900 million. The hedge fund, which disapproved of Iger's surprise return, is pushing for additional cost cuts, operational adjustments, and a post-Iger successor — something the company wants as well.

"On the topic of succession, the board recently established a dedicated succession planning committee headed by Mark Parker, who will become chairman of the Walt Disney company’s board following its annual meeting in early April," Iger said on the call.

The executive did not directly address the current proxy fight with Peltz. The company will host its annual shareholder meeting on Monday, April 3 at 10am PT.


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Originally Posted by SockPuppet
Link to Story: https://finance.yahoo.com/news/disn...costs-in-latest-reshuffle-220217075.html

Quote
Disney (DIS) will lay off 7,000 workers as the company seeks to slash $5.5 billion in costs. As a result, the media giant plans to restructure the organization into three core business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences and Products.

"We will be reducing our workforce by approximately 7,000 jobs," CEO Bob Iger said during the company's first quarter earnings call. "While this is necessary to address the challenges we're facing today, I do not make this decision lightly. 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."

Disney shares were up as much as 8% following Iger's comments on staff cuts and cost reductions. Shares have since pared gains modestly in after-hours trading, up about 5%.

Disney reported quarterly results after the bell on Wednesday that showed a beat on both the top and bottom lines as demand for the company's theme parks soared during the holiday period.

As expected, Disney+ subscribers showed a slight dip in the first quarter due to the absence of the Indian Premier League cricket tournament on its Indian brand, Disney+ Hotstar.

Streaming losses narrowed to $1.1 billion in Q1 against a loss of $1.5 billion in the fourth quarter — ahead of the company's previous guidance as Disney's ad-supported tier and recent price increases helped pare losses.

Wednesday's report served as the first since CEO Bob Iger's return to the company in November

In his prepared remarks, Iger said the new strategic organization, "will result in a more cost-effective coordinated and streamlined approach to our operations, and we are committed to running our businesses more efficiently, especially in a challenging economic environment."

Alan Bergman and Dana Walden will be Co-Chairs of Disney Entertainment, which will include the company's full portfolio of entertainment media and content businesses globally, including streaming.

Jimmy Pitaro will continue to serve as Chairman of ESPN, which will include ESPN Networks, ESPN+, and its international sports channels, while Josh D'Amaro will continue to be Chairman of Disney Parks, Experiences and Products.

Iger underscored his commitment to creating a direct link between content decisions and financial performance. He said Disney+ is on track to achieve profitability by the end of fiscal 2024.

Elsewhere on the call, Iger revealed he has asked the board to reinstate the company's dividend by the end of the calendar year — something activist investor Nelson Peltz pushed for explicitly in his proxy battle.

The dividend, which was halted during the pandemic in an effort to conserve cash, will be "modest" at first but steadily increase over time, the executive said, adding: "Our cost cutting initiatives will make this possible."

Peltz's Trian Fund Management said it owns approximately 9.4 million shares of Disney's stock, which equates to roughly $900 million. The hedge fund, which disapproved of Iger's surprise return, is pushing for additional cost cuts, operational adjustments, and a post-Iger successor — something the company wants as well.

"On the topic of succession, the board recently established a dedicated succession planning committee headed by Mark Parker, who will become chairman of the Walt Disney company’s board following its annual meeting in early April," Iger said on the call.

The executive did not directly address the current proxy fight with Peltz. The company will host its annual shareholder meeting on Monday, April 3 at 10am PT.

I wonder what they think of "The State of the Union" now.....😉


Biden's most truthful quote ever came during his first press conference, 03/25/21.
Drum roll please...... "I don't know, to be clear." and THAT is one promise he's kept!!!
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Glad to see this. Would love to see disney tits up

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Originally Posted by Nebraska
I wonder what they think of "The State of the Union" now.....😉

Funny this didn't come out before, eh?


Mercy ceases to be a virtue when it enables further injustice. -Brent Weeks

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Play stupid games, win stupid prizes. Arrogant fuggers thought they could shove their bs down our throats with impunity. Guess again dipschitts!


What fresh Hell is this?
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Woke pedo Disney fug em.

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Disney needs the boot.


I am..........disturbed.

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All I can say is good to hear this.


Why do I have to press 1, for English?
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Originally Posted by gunchamp
Glad to see this. Would love to see disney tits up

Go woke, go broke.

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It ain’t just Disney.

Boeing
Sales Force
Amazon
BlackRock
Goldman Sachs
.
.
.
Lotta layoffs happening right now.


“Life is life and fun is fun, but it's all so quiet when the goldfish die.”
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Originally Posted by MadMooner
It ain’t just Disney.

Boeing
Sales Force
Amazon
BlackRock
Goldman Sachs
.
.
.
Lotta layoffs happening right now.


Good paying jobs too.

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Glad to see the backfire after them pushing liberal agenda down the families throat. They thought the small vocal group represented a good portion of the country. People are getting tired of it and the pendulum is swinging back. If Trump or DeSantis gets in the reversal will continue. It's too late to stop it but we can slow it down before blood has to be shed.

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It happens in every industry eventually.


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Originally Posted by MadMooner
It ain’t just Disney.

Boeing
Sales Force
Amazon
BlackRock
Goldman Sachs
.
.
.
Lotta layoffs happening right now.

Microsoft laid off like 10,000 I think. And didn’t Facebook lay off a bunch also?


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Well that's f,ucking goofy.


Never take life to seriously, after all ,no one gets out of it alive.
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Ha! Woke should be painful and costly.


l told my pap and mam I was going to be a mountain man; acted like they was gut-shot. Make your life go here. Here's where the peoples is. Mother Gue, I says, the Rocky Mountains is the marrow of the world, and by God, I was right.
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Originally Posted by MadMooner
It ain’t just Disney.

Boeing
Sales Force
Amazon
BlackRock
Goldman Sachs
.
.
.
Lotta layoffs happening right now.


Well, that just can't be possible! Pedo joe says that the economy is about the best it has ever been. 🤣

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Unless their employees make $750k per year, they’ll need to lay of more than 7k people to cut $5.5B in costs.

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Well, I guess they need some government subsidies to keep them afloat, that will be next.

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Originally Posted by Heeler
Originally Posted by MadMooner
It ain’t just Disney.

Boeing
Sales Force
Amazon
BlackRock
Goldman Sachs
.
.
.
Lotta layoffs happening right now.

Microsoft laid off like 10,000 I think. And didn’t Facebook lay off a bunch also?

IIRC, Google eliminated 12,000


Mercy ceases to be a virtue when it enables further injustice. -Brent Weeks

~Molɔ̀ːn Labé Skýla~
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