Disney to Eliminate 7,000 Jobs and Cut $5.5 Billion in Costs

Disney said Wednesday it is planning to reorganize into three segments, while also cutting thousands of jobs and slashing costs.

The media and entertainment giant said it would now be made up of three divisions:

• Disney Entertainment, which includes most of its streaming and media operations
• An ESPN division that includes the TV network and the ESPN+ streaming service
• A Parks, Experiences and Products unit

The move marks the most significant action Bob Iger has taken since returning to the company as CEO in November. Disney announced the changes minutes after it posted its most recent quarterly earnings. The announcements also come as Disney engages in a proxy fight with activist investor Nelson Peltz and his firm Trian Management.

Read the source article at cnbc.com