The US entertainment giant Walt Disney Company says it will cut about 7,000 jobs to help make its streaming business profitable.
The company made the announcement at a results briefing for the October-December quarter on Wednesday.
It stressed the need to cut costs as it continues to post losses, mainly because its streaming service has been losing subscribers amid fears of an economic slowdown.
The company says that by cutting about 7,000 people, or about 3 per cent of its global workforce, and reducing content investment, it could save about 5.5 billion dollars.
US companies, mostly IT giants such as Meta and Amazon, have been carrying out major personnel cuts since November.
The wave of reorganization has now spread to the entertainment industry.
-Agencies
