Disney to lay off 7,000 workers, says CEO Bob Iger

Disney is set to lay off 7,000 workers, CEO Bob Iger said on the company’s earnings call on Wednesday.

The video in the media player is from a previous report.

The company is targeting a total of $5.5 billion in savings, some of which will come from downsizing, Iger said.

“This reorganization will result in a more cost effective, coordinated and streamlined approach to our operations,” said Iger. “I don’t take this decision lightly.”

The job cuts will coincide with a restructuring that will split the company into three core businesses: Disney Entertainment, ESPN and Disney Parks, Iger said.

This is a developing story. Please check for updates.

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