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Even the House of Mouse isn’t immune to the challenging economic climate.
When Disney reported a quarterly loss of $1.5 billion in direct-to-consumer revenue last November, weeks later the board tapped former CEO Bob Iger to return to the company, ousting his successor Bob Chapek.
In an earnings call Wednesday evening, Iger’s first earnings call back at the helm, the CEO announced another 10-figure streaming loss—as well as an immediate restructuring at Disney, resulting in 7,000 layoffs.
The move pretty much undoes the Disney Media and Entertainment Distribution Group created by Chapek, instead creating three divisions.
Disney Entertainment will include film, TV and most streaming assets; ESPN will form its own division and include the linear networks and ESPN+; and the Parks, Experiences and Products group will have the theme parks and consumer products teams.