(BURBANK, Calif.) — ) — Disney is set to lay off 7,000 workers, CEO Bob Iger said on the company’s earnings call on Wednesday.
The company is targeting a total of $5.5 billion in cost savings, some of which will come from the reduction in workforce, Iger said.
“This reorganization will result in a more cost-effective, coordinated and streamlined approach to our operations,” Iger said. “I do not make this decision lightly.”
The job cuts will coincide with a restructuring that will divide the company into three core businesses: Disney Entertainment, ESPN and Disney Parks, Iger said.
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