Notable business headlines include former Disney CEO Bob Iger joining Thrive Capital as a venture partner, tourism in China struggling to recover amid the country’s strict COVID-19 policies, and Warner Bros-Discovery expecting to lay off 30% of its ad sales staff.
- Let's get to some other business headlines now right now. Former Disney CEO Bob Iger has a new job with venture capital firm Thrive Capital. That's according to "The Wall Street Journal." Iger is going to serve as a venture partner. He'll advise on day-to-day initiatives. Thrive Capital led by Jared Kushner's younger brother, Joshua, who founded the firm back in 2009. Kushner told "The Wall Street Journal" that Iger would not be working for the firm full time. The goal, though, the idea is that he be involved in all operations.
Tourism in China still struggling to recover following COVID-19-- or amidst COVID-19, really, there. Revenue for the mid-autumn festival holiday weekend was just 60% of 2019 levels according to officials. This also marked a 22.8% decline compared to last year. The decline is attributed to China's strict COVID-19 policy, which discourages unnecessary travel and asks people to only travel locally.
This coming as national economic growth slowed to 2.5% in China, well below the targeted 5.5%. And more layoffs are hitting Warner Brothers Discovery, this time on the business side. According to reporting by Axios, 30% of the company's ad sales team expected to be cut in the coming weeks. Those cuts forecast to come from both Warner Brothers and Discovery teams. And this follows hundreds of layoffs following the shutdown of CNN+ in April as well as layoffs within HBO Max Europe last month. Brad.