[Breitbart] The happiest place on Earth is swimming in a sea of red ink and pink slips.The Walt Disney Co. is eliminating 7,000 jobs worldwide, or more than 3 percent of its workforce, as CEO Bob Iger aims to slash a stunning $5.5 billion in spending in an attempt to save the once formidable company.
Bob Iger announced the cuts Wednesday during Disney’s first quarter earnings report, saying it was not an easy decision to make. "I have enormous respect and appreciation for the dedication of our employees worldwide," he said. "While this is necessary to address the challenges we face today, I do not make this decision lightly.
Disney employs around 220,000 people worldwide, meaning the layoffs will impact 3.2 percent of the company. The layoffs are expected to hit U.S. employees the hardest, with the "DMED" team — or Disney Media and Entertainment Distribution — bearing the brunt of the cuts.
DMED encompasses Disney’s streaming initiatives, including the Disney+ streaming service. In November, Disney reported that its streaming services lost a mindboggling $1.5 billion in the fourth quarter alone as the company attempted to spend its way to streaming dominance.
Disney’s layoffs are part of a larger media industry bloodbath that has seen competitors including Warner Bros. Discovery, Paramount Global, and Netflix slash their headcount in the face of a weak consumer sentiment brought on by runaway inflation and the prospect of a prolonged economy under President Joe Biden.
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