News Bob Iger outlines the need to transform the Walt Disney Company resulting in 7000 job losses and $5.5 billion in cost savings

[wdwmagic]

Bob Iger outlines the need to transform the Walt Disney Company resulting in 7000 job losses and saving more than 5 billion dollars

Bob Iger outlines the need to transform the Walt Disney Company resulting in 7000 job losses and saving more than 5 billion dollars

www.wdwmagic.com

 

[marni1971]

 

[Lilofan]

Wall Street reacted well to the re-org news. Disney stock is up 8% in after hours trading.

 

[HauntedPirate]

Wondering where that $5 billion in cost savings is going to come from?

 

[Disstevefan1]

Wondering where that $5 billion in cost savings is going to come from?

Sell Fox.
STOP creating unwatchable content for D+
Sell content to other streaming services.
Fix the Yeti.
(Well maybe not that last one)

 

[DCBaker]

Wondering where that $5 billion in cost savings is going to come from?

"Cost reductions will be comprised of approximately 50% marketing, 30% labor, and 20% technology procurement and other expenses"

 

[HauntedPirate]

"Cost reductions will be comprised of approximately 50% marketing, 30% labor, and 20% technology procurement and other expenses"

Thanks.

$1+billion in labor from 7000 jobs? Has to be more to the story there than a hiring freeze and not filling some job req's.

Marketing needs a total revamp, maybe this will be the kick in the pants needed for that.

Technology procurement... so no new stuff on the back-end, and likely moving things to a cloud provider.

 

[ToTBellHop]

Thanks.

$1+billion in labor from 7000 jobs? Has to be more to the story there than a hiring freeze and not filling some job req's.

Marketing needs a total revamp, maybe this will be the kick in the pants needed for that.

Technology procurement... so no new stuff on the back-end, and likely moving things to a cloud provider.

Jungle Cruise skippers make $145k/year, so this checks out.

 

[Hakunamatata]

Cant forget the bev!

 

[KeithVH]

"Cost reductions will be comprised of approximately 50% marketing, 30% labor, and 20% technology procurement and other expenses"

Well - another couple years on Windows XP and 7 from the look of things . . .

 

[GhostHost1000]

They could save some by not replacing Splash

Too soon?

 

[TheGuyThatMakesSwords]

And the degradation continues....

 

[Lilofan]

They could save some by not replacing Splash

Too soon?

Heard there are a number of park operations jobs that need filled . Laid off cast can apply for those jobs. Not the same pay but at least its a job with health benefits.

 

[drizgirl]

And the degradation continues....

Looks to me like it's just revving up.

 

[Notes from Neverland]

Hate the layoffs.
The reduction in spend for marketing makes a lot of sense though. It's tremendously bad in its current shape.

 

[GhostHost1000]

Looks to me like it's just revving up.

Sadly I’m afraid so.

 

[GhostHost1000]

Ok hear me out…

Disney just needs to sell Splash water to make $5.5b

 

[co10064]

It's sad news, but I can't say I'm surprised. I think the mainstream media and the general public have been acting like "everything's fine," when in reality, we're in a slow rolling recession. It's just not as obvious because we didn't wake up one day to a completely tanked stock market.

 

[co10064]

Am I reading this incorrectly, or is ESPN now lumped with Parks?

I suppose they're trying to cover for its losses but this can't be good for creative output.

Not a great day to be a Disney Parks fan.

 

[Lilofan]

It's sad news, but I can't say I'm surprised. I think the mainstream media and the general public have been acting like "everything's fine," when in reality, we're in a slow rolling recession. It's just not as obvious because we didn't wake up one day to a completely tanked stock market.

I've been through and survived layoffs. When you get invited to an HR meeting or your manager watches you clear out your office and security walks you out the door and you can't even say goodbye to your peers, it all sucks.