Walt Disney Co. said it plans to trim 7,000 jobs and eliminate $5.5 billion in costs as part of a major corporate reorganization that gives more power to the company’s content executives and puts a greater emphasis on sports media at the company.
The announcement of layoffs and cuts come in the first earnings report since Robert Iger returned to the role of chief executive in November after Disney’s board abruptly dismissed previous CEO Bob Chapek, who led the company for less than three years.