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Date Posted: 11:56:10 2/10/23 Fri
Author: Jasper
Subject: Buy the bad news mantra.

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On Wednesday, during its quarterly earnings call with investors, Disney also announced it would be cutting $5.5 billion in costs, which will be made up of $3 billion from content, excluding sports, and the remaining $2.5 billion from non-content cuts. Disney executives said about $1 billion in cost cutting was already underway since last quarter.

Disney also said it would be eliminating 7,000 jobs from its workforce. That would be about 3% of the roughly 220,000 people it employed as of Oct. 1, according to an SEC filing, with roughly 166,000 in the U.S. and about 54,000 internationally.

Disney’s stock rose about 6% in premarket trading Thursday. Iger is scheduled to be interviewed on CNBC in the 9 a.m. ET hour.

https://www.cnbc.com/2023/02/08/disney-reorganization.html

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