Disney CEO Bob Iger announces 7,000 layoffs.

Disney CEO Bob Iger has announced in an internal memo that the first round of layoffs will begin this week, with a total of 7,000 employees expected to be affected in three rounds of notifications. The job cuts will reportedly affect Disney's media and distribution segment, ESPN, and the parks and resorts division. The company plans to cut $5.5 billion in costs, including $3 billion in content spend. Despite Disney+ reporting its first-ever subscriber loss in Q1 2023, the company noted that its streaming business will become profitable in late 2024.