Disney CEO Bob Iger announced 7,000 jobs cuts at the company amid ongoing issues with profitability.
Disney has been struggling to cut costs and increase profitability, instituting hiring freezes and even bringing back Bob Iger as CEO. Disney+ has been a big drain on the company, wracking up $1.5 billion in losses for the company recently.
Those losses appear to be adding up, with Iger announcing the company will be laying off 7,000 employees, according to The Los Angeles Times.
“While this is necessary to address the challenges we’re facing today, I do not make this decision lightly,” Iger said in a conference call with analysts. “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.”
Iger acknowledged the company may have been a bit too aggressive with its Disney+ pricing, setting itself up for losses.
“In our zeal to go after subscribers, I think we might have gotten a bit too aggressive in terms of our promotion,” Iger said.