Disney to lay off 7,000 workers, cut $5.5 billion worth of costs in latest reshuffle

Disney (DIS) will lay off 7,000 workers as the company seeks to slash $5.5 billion in costs and restructures the organization into three core business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences and Products.

“We will be reducing our workforce by approximately 7,000 jobs,” CEO Bob Iger said during the company’s first quarter earnings call. “While this is necessary to address the challenges we’re facing today, I do not make this decision lightly. I have enormous respect and appreciation for the talent and dedication of our employees worldwide, and I’m mindful of the personal impact of these changes.”

Disney shares were up as much as 8% following Iger’s comments on staff cuts and cost reductions.

Iger said the new strategic organization, “will result in a more cost-effective coordinated and streamlined approach to our operations, and we are committed to running our businesses more efficiently, especially in a challenging economic environment.”

Alan Bergman and…

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This article was written by and originally published on finance.yahoo.com