Disney CEO Bob Iger has announced that the company will be laying off 7,000 employees in an effort to cut back its huge $5.5 billion in costs.
"While this is necessary to address the challenges we face today, I do not make this decision lightly," Iger said.
It seems there's also going to be a major shift in how Disney is organised from now on, with it splitting into three divisions. These divisions will be Disney Entertainment, Hulu, and Disney Parks, experiences, and products.
There's also going to be a less aggressive approach taken towards the Disney+ streaming service, as it was reported in the last quarter it lost 2.4 million subscribers.
What do you think of these changes?
Thanks, IGN.