Disney lays off 7,000 as streaming subscribers decline

Entertainment giant Disney said Wednesday it was laying off 7,000 employees, as CEO Bob Iger announced a reorganization of the company he returned to lead last year.

The job cuts follow similar moves by US tech giants dialing back from a hiring spurt that began during the height of the pandemic.

“I do not make this decision lightly,” Iger said on a call to analysts after Disney posted its latest quarterly earnings.

In its 2021 annual report, the group said it employed 190,000 people worldwide, 80 percent of whom were full-time.