Disney, a major player in the media, is reorganizing its business and eliminating 7,000 positions to save US $5.5 billion in expenditures.
Disney stated in an earnings presentation for its most recent quarterly financial report that it anticipates cutting costs associated with developing and licensing non-sports content by around US $3 billion and about US $2.5 billion, respectively.
The transition “will result in a more cost-effective, coordinated, and simplified corporation,” according to the California-based company.
Between Q4 2022 and Q1 2023, Disney+, its streaming service, lost 2.4 million customers globally. This was mostly caused by the loss of Disney+ Hotstar’s streaming rights to the Indian Premier League, a significant sporting event, in Southeast Asia and India.
