Disney planning more layoffs next week as it aims to slash 7,000 jobs: Report

Disney (DIS) is reportedly planning thousands of job cuts next week, which will include slashing 15% of its entertainment division.

According to Bloomberg, the cuts will impact several areas within the entertainment division such as TV, film, theme parks and corporate teams. Every region Disney operates will be affected, with impacted personnel notified as early as April 24, the report noted.

Yahoo Finance reached out to Disney for comment but did not immediately hear back.

Disney chief Bob Iger, who stepped back into the CEO position in November, has remained hyper-focused on profitability as investors shift focus away from subscriber growth. The company’s direct-to-consumer division shed a whopping $4 billion-plus in its fiscal 2022 ended on Oct. 1, after it spent an estimated $33 billion on content last year.

Since then, Iger has stressed a direct link between content decisions and financial performance, especially amid a challenging macroeconomic environment that’s pressured other…

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This article was written by and originally published on finance.yahoo.com