LOS ANGELES — Walt Disney Co. Chief Executive Bob Iger said last week that the Burbank company will be slashing 7,000 jobs as the firm’s streaming efforts continue to lose money and the wider economy wallows through a downturn.
But the House of Mouse isn’t alone in tightening its belt. Across the media and entertainment industry, companies are shedding staff, winnowing budgets and looking to shore up cash on hand as they steer out of the pandemic and into an uncertain future.
Warner Bros. Discovery cut hundreds of jobs over the last year, including at CNN; Netflix followed a similar tack. Now United Talent Agency, NBCUniversal and Paramount Global are laying off employees too, as are tech companies — a sector that’s increasingly entangled with media and entertainment interests. Meanwhile, Regal Cinemas is shuttering theaters across the country.
