Disney to Lay Off 7,000 Workers as CEO Iger Revamps to Restore ‘Creativity,’ Cut Costs

Disney Executive Chairman Bob Iger attends the Exclusive 100-Minute Sneak Peek of Peter Jackson's The Beatles: Get Back at El Capitan Theatre in Hollywood, Calif., on Nov. 18, 2021. Charley Gallay/Getty Images for Disney

Disney CEO Bob Iger revealed on Wednesday that around 7,000 employees will be laid off as the entertainment firm seeks to cut expenses, restore a focus on creativity, and chase profitability.

Iger said that the goal of Hollywood’s most influential studio is to save $5.5 billion in costs, with $3 billion coming from content and $2.5 billion from non-content areas.