Disney CEO Bob Iger has announced plans to lay off 7,000 workers as part of a companywide effort to reduce costs. There has been speculation about the cuts since Iger returned as CEO last November to take over from Bob Chapek, who had lost the faith of many shareholders. The entertainment giant has faced multiple economic challenges, and Iger took over with a mandate to shake up the organization. Along those lines, Disney is also restructuring itself into three divisions: Disney Entertainment, ESPN, and a Parks, Experiences and Products unit.
TWITTER GLITCH
Twitter experienced a series of technical glitches on Wednesday that cut some users off from their direct messages and forced others to schedule their tweets to post. CEO Elon Musk soon acknowledged the issues, but was fairly vague about their cause, saying there were "multiple internal & external issues simultaneously." As of Thursday, the problems appear resolved, but the incident has stoked fears that Musk's recent firings have left Twitter without necessary resources.
NETFLIX PASSWORD RULES
Netflix has finally revealed its new password sharing rules, laying the groundwork for the end of an era for many streaming users. The company said more than 100 million households share accounts globally, but many are confused about who can (and cannot) share. Users in Canada, New Zealand, Portugal, and Spain will see changes first. Here's a quick breakdown of how it will work:
BED BATH & BEYOND CLOSURES
Embattled retailer Bed Bath & Beyond has announced it's closing 149 stores just one week after shutting down 87 other locations. The company is teetering on the brink of bankruptcy and is pulling out all the stops to stay solvent, including seeking additional capital and paring down its operations. The chain's total number of stores has fallen from 760 to 360.
The Tony Awards on Sunday lured 4.85 million viewers to CBS, its largest broadcast audience in six years. CBS says Monday that Nielsen data shows the telecast — hosted by “Wicked” star Cynthia Erivo — scored a 38% increase over last year’s 3.53 million viewers. That’s the largest audience for the Tonys since 2019, when the telecast that year nabbed 5.4 million viewers and “Hadestown” was crowned best new musical. The latest version also had to compete with the second game of the NBA Finals, between the Thunder and Pacers,
After stumbling out of the starting gate in Big Tech’s pivotal race to capitalize on artificial intelligence, Apple tried to regain its footing Monday during a developers conference that focused mostly on incremental advances and cosmetic changes in its technology.
Six weeks before UnitedHealthcare CEO Brian Thompson was gunned down outside a Manhattan hotel last December, Luigi Mangione mused about rebelling against “the deadly, greed fueled health insurance cartel” and expressed that killing the executive “conveys a greedy bastard that had it coming."
Shaquille O’Neal and Allen Iverson once clashed on the court in the 2001 NBA Finals, but now the basketball legends are joining forces to revive the Reebok brand they helped make iconic.
Midea is voluntarily recalling about 1.7 million of its popular U and U+ Smart air conditioners because pooled water in the units may not drain fast enough, leading to mold growth.
