On the back of some tariff changes, Disney+ lost 2.4 million subscribers. The streaming service now has 161.8 million subscribers, down by 1.5% from last quarter.
The new CEO indicated the steps being taken “to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders. The reorganization is expected to include cutting 7,000 jobs and create $5.5 billion in cost savings and the entity will be run in 3 units: Disney Entertainment (which will include most of its streaming and media operations); ESPN; and Parks, Experiences, and Products.