Entertainment
Disney to cut 7,000 jobs despite profits rising to more than $1 billion
Disney had earlier announced upbeat financial results, led by gains at its theme parks
Bob Iger, the chief executive of Walt Disney, has announced plans for a dramatic restructuring of the world’s largest entertainment company, including 7,000 job cuts and $5.5 billion in cost savings.
The reductions include plans to cut $3 billion from its budget for movies and TV shows and the rest in non-content related areas. About $1 billion of the savings are already underway, Iger on a conference call with investors.
As part of the change, ...
