US giants Disney announce ‘Toy Story’ and ‘Frozen’ sequels amid 7,000 job cuts

Streaming, movie and theme park giants The Walt Disney Co have revealed that they are to cut around 7,000 jobs as part of an ambitious companywide cost-savings plan and “strategic reorganization”.

The news was announced on February 8, by Bob Iger, on the same day as the Company CEO also revealed that ‘Toy Story’, ‘Frozen’ and ‘Zootopia’ have sequels in the works.

“Today, I’m so pleased to announce that we have sequels in the works from our animation studios to some of our most popular franchises, ‘Toy Story,’ ‘Frozen’ and ‘Zootopia,’” Iger said.

A spokesperson said the job reductions, meanwhile, are part of a targeted $5.5 billion cost savings exercise across the company.

As of October 1 last year, Disney employed 220,000 people, of which about 166,000 worked in the United States and 54,000 internationally.

Time report that, in a statement, Iger said Disney is embarking on a “significant transformation” that management believes will lead to improved profitability at the company’s streaming business.

The company, which owns Star Wars, Marvel and Pixar, will focus more on its core brands and franchises, Iger said.

In its latest results, solid growth at Disney’s hugely popular theme parks helped offset tepid performance in its video streaming and movie business.

Disney said yesterday that it earned $1.28 billion in the three months until December 31.

That compares with net income of $1.1 billion a year earlier.

Disney+, which is based in Burbank, California, ended the quarter with 161.8 million subscribers, down 1% from since October 1.

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