Disney lays off 7,000 as streaming subscribers decline

In this file photo taken on Dec 18, 2019 Disney CEO Bob Iger poses on the red carpet with sith stormtroopers upon arrival for the European film premiere of 'Star Wars: The Rise of Skywalker' in London. Iger on Feb 8, 2023, announced that the company would lay off 7,000 workers, in the his first major decision since returning to lead the company in November. Photo: AFP

Entertainment giant Disney said Wednesday it was laying off 7,000 employees, as CEO Bob Iger announced a reorganisation of the company he returned to lead last year.

The job cuts follow similar moves by US tech giants dialing back from a hiring spurt that began during the height of the pandemic.