Walt Disney is targeting $5.5 billion in cost savings, including $3 billion in non-sports content, Chief Executive Bob Iger said during a detailed post-earnings call today, outlining a company-wide restructuring.
He said the other $2.5 billion is general operating expenses, $1 billion of which is already underway. CFO Christine McCarthy, who is also on the phone, will provide details on the cuts shortly.
Disney is the latest conglomerate to buy content giant Warner Bros. Discovery as streaming, advertising and stock market challenges increase. The broad spending on new streaming content is not matched by the industry’s financial results or earnings trajectory. However, Disney’s DTC losses narrowed over the most recent quarter.
Warner Bros. Discovery CEO David Zaslav promised investors $3.5 billion in cost savings.
MORE
Source: Deadline
Joseph Fearn is an entertainment and television aficionado who writes for The Fashion Vibes. With a keen eye for what’s hot in the world of TV, Joseph keeps his readers informed about the latest trends and must-see shows.
