(SNews) – The Walt Disney Co. is slashing a whopping 7,000 jobs worldwide as the “woke” company battles a profitability crisis, CEO Bob Iger has announced.
Disney is eliminating more than 3 percent of its workforce as Iger seeks to slash a staggering $5.5 billion in spending.
The move is the latest attempt to save the once formidable company.
Iger announced the cuts Wednesday during Disney’s first-quarter earnings report.
The chief executive said it was not an easy decision to make.
“I have enormous respect and appreciation for the dedication of our employees worldwide,” he said.
“While this is necessary to address the challenges we face today, I do not make this decision lightly.”
Disney currently employs around 220,000 people worldwide, meaning the layoffs will impact 3.2 percent of the company.
The layoffs are expected to hit U.S. employees the hardest, however.
The Disney Media and Entertainment Distribution (DMED) team is bearing the brunt of the cuts.
DMED encompasses Disney’s streaming initiatives, including the Disney+ streaming service.
In November, Disney reported that its streaming services lost a mindboggling $1.5 billion in the fourth quarter alone as the company attempted to spend its way to streaming dominance.
Disney’s layoffs are part of a larger media industry bloodbath that has seen competitors including Warner Bros. Discovery, Paramount Global, and Netflix slash their headcounts.
The moves come in the face of a weak consumer sentiment brought on by runaway inflation and the prospect of a prolonged economy under Democrat President Joe Biden.
The layoffs also come after a disastrous 2022 that saw Disney stock plummet 44 percent, as Slay News reported.
2022 was Disney’s worst year in nearly five decades.
Former CEO Bob Chapek was abruptly fired in November and replaced with his predecessor Bob Iger on the heels of the last quarterly report.
Disney’s financial woes come as the company increasingly embraces transgenderism, critical race theory, and other forms of woke politics in its entertainment aimed at children.
The Disney+ streaming channel series “The Proud Family: Louder and Prouder” has provoked a backlash by pushing reparations for slavery.
The show claims in its latest episode that America was founded on “white supremacy” and “still has not atoned” for its racism.
Last year, the company picked a political fight with Florida Gov. Ron DeSantis (R) over the state’s Parental Rights in Education Law.
The law forbids the teaching of sexuality and gender theory to kids in kindergarten through third grade
The disastrous skirmish ended up costing Disney its coveted self-governing status in Orlando.