Walt Disney is targeting $5.5 billion in cost savings, including $3 billion in non-sports related content, CEO Bob Iger said today on a meaty call after earnings where he detailed a company-wide restructuring.
He said the other $2.5 billion are general operating costs, of which $1 billion is already underway. CFO Christine McCarthy, also on the call, will give details of the cuts shortly.
Disney is the latest conglom to wield the axe on content from giant Warner Bros. Discovery one down as challenges mount for streaming, advertising and stock prices. Rampant spending on new content for streaming has not been matched by the sector’s financial results or path to profits. That said, Disney’s DTC losses narrowed last quarter.
Warner Bros. Discovery CEO David Zaslav has promised investors $3.5 billion in cost cuts.
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