In a statement, Iger said the company is embarking on a “significant transformation” that management believes will lead to improved profitability at the company’s streaming business.
The company said Disney+ ended the quarter with 161.8 million subscribers, down 1% from since Oct. 1. Hulu and ESPN+ each posted a 2% increase in paid subscribers during the quarter.
Iger says the company will be divided into three business segments: Disney entertainment, ESPN, and Disney, Parks, Experiences and Products.
— Ashley Carter (@AshleyLCarter1) February 8, 2023
Bob's Back: On the Disney call, Iger quickly establishes that creative is back at the helm of and "accountable for" decision making. PLUS: a targeted $5.5 billion in cost savings, incl 7,000 in job cuts. Expects $3 bil in content savings over the next 3 years, ex sports. $DIS
— Elaine Low (@elainelow) February 8, 2023
(28) Investors LOVE the layoffs. Stock POPS over 7% with the announcement of Bob Iger laying off over 3% of Disney's workforce.
— SeanNyberg (@SeanNyberg) February 8, 2023
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