Disney’s Iger Hints at Further Job Cuts

Apr 12, 2019  •  Post A Comment

“Disney’s chief executive said that the company has only just started making global layoffs as it works to incorporate its newly acquired assets from 21st Century Fox,” CNBC reports. “Bob Iger, the chairman and CEO of the Walt Disney Company, added that the job cuts are necessary to generate beneficial synergies, an industry term referring to the impact a business tip-up can have on profits or revenues.”

The CNBC report adds: “In this case, Disney’s executives have forecast about $2 billion in cost saving synergies as the combined company cuts business segments or employees that were duplicated through the Fox acquisition.”

The report quotes Iger telling CNBC’s David Faber on Thursday: “We’re just beginning a consolidation process across the world. And we’ve been candid about that with people in the organization. There’s work to do to get to the synergies that we talked about, which were cost synergies. We have consolidation ahead of us.”

The report notes that when Iger was asked specifically whether more job cuts are coming, he “answered in the affirmative.”

Iger added: “We’re very early into this process and I’ve never second guessed decisions that we’ve made. And I’m certainly not going to second guess this one, not at this point anyway.”

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